FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-206361-07 | ||
Free Writing Prospectus dated November 23, 2016 |
The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (866) 669-7629 or by emailing the ABS Syndicate Desk atabs_synd@jpmorgan.com. |
The information in this file (the “File”) is an electronic copy of the information set forth in the Appendix titled "Certain Characteristics of the Mortgage Loans and Mortgaged Properties" to the prospectus. This File does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision. |
The information in this File may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale. |
Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value. |
Any legends, disclaimers or other notices that may appear at the bottom of, or attached to, the email communication to which this material may have been attached are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another email system. |
ANNEX A-1
Number of | Property | Property | Year | Unit of | Occupancy | ||||||||||||
Loan # | Seller(1) | Property Name | Street Address | City | State | Zip Code | County | Properties | Type | Subtype | Year Built | Renovated | Units(2) | Measure | Occupancy %(3) | Date | |
1 | JPMCB | Hilton Hawaiian Village | 2005 Kalia Road | Honolulu | HI | 96815 | Honolulu | 1 | Hotel | Full Service | 1961 | 2016 | 2,860 | Rooms | 94.6% | 09/30/16 | |
2 | JPMCB | Fresno Fashion Fair Mall | 645 East Shaw Avenue | Fresno | CA | 93710 | Fresno | 1 | Retail | Super Regional Mall | 1970 | 2003 | 536,093 | Square Feet | 88.2% | 08/31/16 | |
3 | JPMCB | 9 West 57th Street | 9 West 57th Street | New York | NY | 10019 | New York | 1 | Office | CBD | 1972 | 1,680,218 | Square Feet | 63.5% | 06/01/16 | ||
4 | JPMCB | Riverway | 6133 North River Road, 9377 West Higgins Road, 9399 West Higgins Road and 6107 North River Road | Rosemont | IL | 60018 | Cook | 1 | Office | Suburban | 1988, 1994 | 2016 | 869,120 | Square Feet | 95.0% | 09/30/16 | |
5 | JPMCB | Moffett Gateway | 1225-1265 Crossman Avenue | Sunnyvale | CA | 94089 | Santa Clara | 1 | Office | Suburban | 2016 | 612,691 | Square Feet | 100.0% | 12/01/16 | ||
6 | JPMCB | Summit Mall | 3265 West Market Street | Fairlawn | OH | 44333 | Summit | 1 | Retail | Regional Mall | 1965 | 2007 | 528,234 | Square Feet | 92.3% | 07/05/16 | |
7 | JPMCB | North Hills Village | 4801 McKnight Road | Pittsburgh | PA | 15237 | Allegheny | 1 | Retail | Anchored | 1956 | 2005 | 560,826 | Square Feet | 100.0% | 10/31/16 | |
8 | JPMCB | Hotel Palomar San Diego | 1047 Fifth Avenue | San Diego | CA | 92101 | San Diego | 1 | Hotel | Full Service | 2009 | 211 | Rooms | 79.7% | 09/30/16 | ||
9 | LCF | Redwood MHC Portfolio | Various | Various | Various | Various | Various | 18 | Manufactured Housing | Various | Various | Various | 4,007 | Pads | 70.9% | 07/18/16 | |
9.01 | LCF | Camp Inn | 10400 Highway 27 | Frostproof | FL | 33843 | Polk | 1 | Manufactured Housing | Recreational Vehicle Park | 1972 | 797 | Pads | 77.3% | 07/18/16 | ||
9.02 | LCF | Town & Country Estates | 4444 East Benson Highway | Tucson | AZ | 85706 | Pima | 1 | Manufactured Housing | Manufactured Housing | 1971 | 320 | Pads | 79.4% | 07/18/16 | ||
9.03 | LCF | St. Clements Crossing | 21475 Prather Drive | Lexington Park | MD | 20653 | Saint Marys | 1 | Manufactured Housing | Manufactured Housing | 1968 | 2002 | 186 | Pads | 95.7% | 07/18/16 | |
9.04 | LCF | Algoma | 4456 13 Mile Road Northeast | Rockford | MI | 49341 | Kent | 1 | Manufactured Housing | Manufactured Housing | 1980 | 322 | Pads | 74.2% | 07/18/16 | ||
9.05 | LCF | Suburban Estates | 46440 Kay Drive | Lexington Park | MD | 20653 | Saint Marys | 1 | Manufactured Housing | Manufactured Housing | 1970 | 132 | Pads | 97.7% | 07/18/16 | ||
9.06 | LCF | Colonial Acres | 5374 East Deadwood Drive | Portage | MI | 49002 | Kalamazoo | 1 | Manufactured Housing | Manufactured Housing | 1965 | 612 | Pads | 45.3% | 07/18/16 | ||
9.07 | LCF | Twenty Nine Pines | 6540 Highway 36 Boulevard North | Oakdale | MN | 55128 | Washington | 1 | Manufactured Housing | Manufactured Housing | 1975 | 144 | Pads | 90.3% | 07/18/16 | ||
9.08 | LCF | Evergreen Springs | 229 Killingworth Turnpike | Clinton | CT | 06413 | Middlesex | 1 | Manufactured Housing | Manufactured Housing | 1935 | 102 | Pads | 96.1% | 07/18/16 | ||
9.09 | LCF | Avalon | 16860 US Highway 19 North | Clearwater | FL | 33764 | Pinellas | 1 | Manufactured Housing | Manufactured Housing | 1984 | 256 | Pads | 64.5% | 07/18/16 | ||
9.10 | LCF | Lexington | 20529 Poplar Ridge Road | Lexington Park | MD | 20653 | Saint Marys | 1 | Manufactured Housing | Manufactured Housing | 1980 | 76 | Pads | 89.5% | 07/18/16 | ||
9.11 | LCF | Colonial Manor | 5500 West KL Avenue | Kalamazoo | MI | 49009 | Kalamazoo | 1 | Manufactured Housing | Manufactured Housing | 1965 | 195 | Pads | 69.2% | 07/18/16 | ||
9.12 | LCF | Green Acres | 1810 Boston Post Road | Westbrook | CT | 06498 | Middlesex | 1 | Manufactured Housing | Manufactured Housing | 1955 | 64 | Pads | 96.9% | 07/18/16 | ||
9.13 | LCF | Cedar Grove | 133 West Main Street & 47 North High Street | Clinton | CT | 06413 | Middlesex | 1 | Manufactured Housing | Recreational Vehicle Park | 1950 | 60 | Pads | 98.3% | 07/18/16 | ||
9.14 | LCF | Hunters Chase | 1866 North Eastown Road | Lima | OH | 45807 | Allen | 1 | Manufactured Housing | Manufactured Housing | 1994 | 134 | Pads | 69.4% | 07/18/16 | ||
9.15 | LCF | Highland Bluff | 155 North Ivy Street | Branford | CT | 06405 | New Haven | 1 | Manufactured Housing | Manufactured Housing | 1950 | 49 | Pads | 89.8% | 07/18/16 | ||
9.16 | LCF | Winter Paradise | 16108 US Highway 19 | Hudson | FL | 34667 | Pasco | 1 | Manufactured Housing | Recreational Vehicle Park | 1972 | 290 | Pads | 48.6% | 07/18/16 | ||
9.17 | LCF | Weststar | 1866 West Sego Lily Lane | Tucson | AZ | 85705 | Pima | 1 | Manufactured Housing | Manufactured Housing | 1984 | 90 | Pads | 76.7% | 07/18/16 | ||
9.18 | LCF | El Frontier | 4233 North Flowing Wells Road | Tucson | AZ | 85705 | Pima | 1 | Manufactured Housing | Manufactured Housing | 1964 | 178 | Pads | 46.6% | 07/18/16 | ||
10 | BSP | 925 Common | 925 Common Street | New Orleans | LA | 70112 | Orleans | 1 | Multifamily | High Rise | 1952 | 2016 | 199 | Units | 93.5% | 11/09/16 | |
11 | BSP | International Plaza | 7900 International Drive | Bloomington | MN | 55425 | Hennepin | 1 | Office | Suburban | 1984 | 2016 | 280,244 | Square Feet | 84.7% | 08/31/16 | |
12 | BSP | Everett Plaza | 1201-1505 Southeast Everett Mall Way | Everett | WA | 98208 | Snohomish | 1 | Retail | Anchored | 1986 | 123,913 | Square Feet | 82.2% | 11/01/16 | ||
13 | JPMCB | Bilmar Beach Resort | 10650 Gulf Boulevard | Treasure Island | FL | 33706 | Pinellas | 1 | Hotel | Full Service | 1961-1974 | 2006 | 165 | Rooms | 80.0% | 06/30/16 | |
14 | LCF | 1140 Avenue of the Americas | 1140 Avenue of the Americas | New York | NY | 10036 | New York | 1 | Office | CBD | 1926 | 2015 | 247,183 | Square Feet | 90.8% | 06/08/16 | |
15 | JPMCB | Fry 529 Retail Center | 20319-20403 FM 529 Road | Cypress | TX | 77433 | Harris | 1 | Retail | Anchored | 2015 | 114,911 | Square Feet | 95.8% | 08/01/16 | ||
16 | SMF VI | Arroyo South Office | 7150, 7250 & 7255 South Tenaya Way | Las Vegas | NV | 89113 | Clark | 1 | Office | Suburban | 2009 | 138,690 | Square Feet | 96.4% | 10/20/16 | ||
17 | JPMCB | PGA Financial Plaza | 3399 PGA Boulevard | Palm Beach Gardens | FL | 33410 | Palm Beach | 1 | Office | Suburban | 1998 | 72,611 | Square Feet | 100.0% | 09/30/16 | ||
18 | LCF | 80 Park Plaza | 1135-1155 Raymond Boulevard | Newark | NJ | 07102 | Essex | 1 | Office | CBD | 1979 | 2015 | 960,689 | Square Feet | 85.8% | 07/19/16 | |
19 | SMF VI | Walgreens Pool 3 | Various | Various | Various | Various | Various | 6 | Retail | Freestanding | Various | 89,540 | Square Feet | 100.0% | 12/06/16 | ||
19.01 | SMF VI | Walgreens Bettendorf | 3425 Middle Road | Bettendorf | IA | 52722 | Scott | 1 | Retail | Freestanding | 2000 | 15,120 | Square Feet | 100.0% | 12/06/16 | ||
19.02 | SMF VI | Walgreens Security | 280 Main Street | Security | CO | 80911 | El Paso | 1 | Retail | Freestanding | 1999 | 13,905 | Square Feet | 100.0% | 12/06/16 | ||
19.03 | SMF VI | Walgreens Mason City | 1251 4th Street Southwest | Mason City | IA | 50401 | Cerro Gordo | 1 | Retail | Freestanding | 2000 | 15,120 | Square Feet | 100.0% | 12/06/16 | ||
19.04 | SMF VI | Walgreens Fort Dodge | 2503 5th Avenue South | Fort Dodge | IA | 50501 | Webster | 1 | Retail | Freestanding | 1999 | 15,120 | Square Feet | 100.0% | 12/06/16 | ||
19.05 | SMF VI | Walgreens Virginia Beach | 801 Independence Boulevard | Virginia Beach | VA | 23445 | Virginia Beach City | 1 | Retail | Freestanding | 1998 | 13,895 | Square Feet | 100.0% | 12/06/16 | ||
19.06 | SMF VI | Walgreens Granite City | 3732 Nameoki Road | Granite City | IL | 62040 | Madison | 1 | Retail | Freestanding | 2002 | 16,380 | Square Feet | 100.0% | 12/06/16 | ||
20 | SMF VI | Walgreens Pool 6 | Various | Various | Various | Various | Various | 6 | Retail | Freestanding | Various | 91,440 | Square Feet | 100.0% | 12/06/16 | ||
20.01 | SMF VI | Walgreens Sioux City | 4650 Morningside Avenue | Sioux City | IA | 51106 | Woodbury | 1 | Retail | Freestanding | 1999 | 15,120 | Square Feet | 100.0% | 12/06/16 | ||
20.02 | SMF VI | Walgreens Des Moines | 3140 Southeast 14th Street | Des Moines | IA | 50320 | Polk | 1 | Retail | Freestanding | 2000 | 15,795 | Square Feet | 100.0% | 12/06/16 | ||
20.03 | SMF VI | Walgreens Mesa | 420 South Sossaman Road | Mesa | AZ | 85208 | Maricopa | 1 | Retail | Freestanding | 1999 | 15,120 | Square Feet | 100.0% | 12/06/16 | ||
20.04 | SMF VI | Walgreens Wichita | 555 North Maize Road | Wichita | KS | 67212 | Sedgwick | 1 | Retail | Freestanding | 2000 | 15,120 | Square Feet | 100.0% | 12/06/16 | ||
20.05 | SMF VI | Walgreens Colorado Springs | 1920 South Chelton Road | Colorado Springs | CO | 80916 | El Paso | 1 | Retail | Freestanding | 1999 | 13,905 | Square Feet | 100.0% | 12/06/16 | ||
20.06 | SMF VI | Walgreens Casa Grande | 1514 East Florence Boulevard | Casa Grande | AZ | 85122 | Pinal | 1 | Retail | Freestanding | 1997 | 16,380 | Square Feet | 100.0% | 12/06/16 | ||
21 | BSP | Franklin Marketplace | 12131-41 Knights Road | Philadelphia | PA | 19154 | Philadelphia | 1 | Retail | Anchored | 1989 | 2005 | 223,434 | Square Feet | 83.0% | 08/31/16 | |
22 | JPMCB | Salesforce Tower | 111 Monument Circle and 120 North Pennsylvania Street | Indianapolis | IN | 46204 | Marion | 1 | Office | CBD | 1959, 1990 | 1993 | 1,105,117 | Square Feet | 86.1% | 07/11/16 | |
23 | JPMCB | Dick’s Sporting Goods Portfolio | Various | Various | Various | Various | Various | 6 | Retail | Various | Various | 264,338 | Square Feet | 100.0% | 12/01/16 | ||
23.01 | JPMCB | Dick’s Keene | 42 Ash Brook Road | Keene | NH | 03431 | Cheshire | 1 | Retail | Shadow Anchored | 2005 | 45,471 | Square Feet | 100.0% | 12/01/16 | ||
23.02 | JPMCB | Dick’s Concord | 295 Loudon Road | Concord | NH | 03301 | Merrimack | 1 | Retail | Freestanding | 2005 | 50,000 | Square Feet | 100.0% | 12/01/16 | ||
23.03 | JPMCB | Dick’s Wichita | 4600 West Kellogg Drive | Wichita | KS | 67209 | Sedgwick | 1 | Retail | Anchored | 2003 | 48,780 | Square Feet | 100.0% | 12/01/16 | ||
23.04 | JPMCB | Dick’s Bloomingdale | 328 West Army Trail Road | Bloomingdale | IL | 60108 | DuPage | 1 | Retail | Shadow Anchored | 2006 | 50,000 | Square Feet | 100.0% | 12/01/16 | ||
23.05 | JPMCB | Dick’s Fort Wayne | 309 East Coliseum Boulevard | Fort Wayne | IN | 46805 | Allen | 1 | Retail | Unanchored | 2004 | 50,000 | Square Feet | 100.0% | 12/01/16 | ||
23.06 | JPMCB | PetSmart Concord | 299 Loudon Road | Concord | NH | 03301 | Merrimack | 1 | Retail | Freestanding | 2006 | 20,087 | Square Feet | 100.0% | 12/01/16 | ||
24 | LCF | Tech Ridge Office Park | 9726 East 42nd Street | Tulsa | OK | 74146 | Tulsa | 1 | Office | Suburban | 1979 | 1982 | 555,716 | Square Feet | 73.9% | 11/30/16 | |
25 | SMF VI | Twelve Oaks | 5500 Abercorn Street | Savannah | GA | 31405 | Chatham | 1 | Retail | Anchored | 1984 | 1995 | 105,445 | Square Feet | 95.9% | 10/01/16 | |
26 | SMF VI | Market at Hilliard | 1852 Hilliard Rome Road | Hilliard | OH | 43026 | Franklin | 1 | Retail | Shadow Anchored | 2003 | 115,221 | Square Feet | 97.5% | 11/08/16 | ||
27 | JPMCB | The Riviera | 16457 El Camino Real | Houston | TX | 77062 | Harris | 1 | Multifamily | Garden | 1963, 1980 | 2016 | 285 | Units | 94.7% | 10/01/16 | |
28 | JPMCB | HGI Kennesaw | 895 Cobb Place Boulevard Northwest | Kennesaw | GA | 30144 | Cobb | 1 | Hotel | Limited Service | 2005 | 114 | Rooms | 76.1% | 09/30/16 | ||
29 | SMF VI | Buckhorn Plaza | 60-76 Lunger Drive | Bloomsburg | PA | 17815 | Columbia | 1 | Retail | Shadow Anchored | 2004 | 86,835 | Square Feet | 95.3% | 10/28/16 | ||
30 | JPMCB | Timbergrove Heights | 1600 West T C Jester Boulevard | Houston | TX | 77008 | Harris | 1 | Multifamily | Garden | 1970 | 2016 | 95 | Units | 94.7% | 11/02/16 | |
31 | SMF VI | Home2 Suites Lubbock | 6004 Marsha Sharp Freeway | Lubbock | TX | 79407 | Lubbock | 1 | Hotel | Extended Stay | 2015 | 100 | Rooms | 73.9% | 08/31/16 | ||
32 | SMF VI | Southwest Business Center | 4325 West Tropicana Avenue & 4330-4340 South Valley View Boulevard | Las Vegas | NV | 89103 | Clark | 1 | Industrial | Flex | 1985, 1991 | 77,297 | Square Feet | 82.2% | 10/24/16 | ||
33 | SMF VI | Hinesville Central | 755 West Oglethorpe Highway | Hinesville | GA | 31313 | Liberty | 1 | Retail | Shadow Anchored | 2000 | 41,800 | Square Feet | 100.0% | 10/01/16 | ||
34 | SMF VI | Presidents Industrial | 7101 Presidents Drive | Orlando | FL | 32809 | Orange | 1 | Industrial | Flex | 1986 | 106,858 | Square Feet | 96.0% | 10/31/16 | ||
35 | SMF VI | Holiday Inn Express Salina | 755 West Diamond Drive | Salina | KS | 67401 | Saline | 1 | Hotel | Limited Service | 2011 | 88 | Rooms | 72.3% | 06/30/16 | ||
36 | BSP | Townley Park Center Retail | 124-125 Towne Center Drive & 1781 Sharkey Way | Lexington | KY | 40511 | Fayette | 1 | Retail | Unanchored | 2007, 2011 | 33,290 | Square Feet | 100.0% | 09/09/16 | ||
37 | SMF VI | Hebron Heights | 1012 West Hebron Parkway | Carrollton | TX | 75010 | Denton | 1 | Retail | Unanchored | 2000 | 36,092 | Square Feet | 100.0% | 10/19/16 | ||
38 | SMF VI | West Hills Plaza | 129 Bessemer Super Highway | Midfield | AL | 35228 | Jefferson | 1 | Retail | Anchored | 1966 | 1997 | 111,571 | Square Feet | 100.0% | 10/01/16 | |
39 | LCF | Dollar General Dimmitt | 101 Northwest 4th Street | Dimmitt | TX | 79027 | Castro | 1 | Retail | Freestanding | 2016 | 10,566 | Square Feet | 100.0% | 12/06/16 | ||
40 | LCF | Dollar General Jackson | 4640 State Highway 72 | Jackson | MO | 63755 | Cape Girardeau | 1 | Retail | Freestanding | 2016 | 9,100 | Square Feet | 100.0% | 12/06/16 |
A-1-1 |
ANNEX A-1
Original | Current | Net | ||||||||||||||||||||
Appraised | Appraisal | Current | Original | Balance | Current | Balance | % of Initial | Crossed | Related | Interest | Admin. | Mortgage | Monthly Debt | Annual Debt | First | Partial IO | ||||||
Loan # | Seller(1) | Property Name | Value ($)(4) | Date | LTV %(4)(5) | Balance ($)(5)(6) | per Unit ($) | Balance ($)(5)(6) | per Unit ($) | Pool Balance | Loan | Borrower(7) | Rate %(8) | Fee %(8) | Rate %(8) | Accrual Type | Service ($)(9)(10) | Service ($)(10) | Note Date | Payment Date | Last IO Payment | |
1 | JPMCB | Hilton Hawaiian Village | 2,230,000,000 | 08/30/16 | 31.2% | 94,000,000 | 243,566 | 94,000,000 | 243,566 | 9.4% | No | No | 4.19950 | 0.01025 | 4.18925 | Actual/360 | 333,529.73 | 4,002,356.81 | 10/24/16 | 12/01/16 | ||
2 | JPMCB | Fresno Fashion Fair Mall | 565,000,000 | 08/24/16 | 57.5% | 80,000,000 | 606 | 80,000,000 | 606 | 8.0% | No | No | 3.58700 | 0.01150 | 3.57550 | Actual/360 | 242,454.63 | 2,909,455.56 | 10/06/16 | 12/01/16 | ||
3 | JPMCB | 9 West 57th Street | 3,400,000,000 | 07/28/16 | 29.8% | 63,000,000 | 603 | 63,000,000 | 603 | 6.3% | No | No | 2.85950 | 0.01025 | 2.84925 | Actual/360 | 152,208.80 | 1,826,505.63 | 08/30/16 | 10/01/16 | ||
4 | JPMCB | Riverway | 176,200,000 | 09/07/16 | 72.6% | 63,000,000 | 147 | 63,000,000 | 147 | 6.3% | No | No | 4.96000 | 0.01509 | 4.94491 | Actual/360 | 336,659.18 | 4,039,910.16 | 11/02/16 | 01/01/17 | ||
5 | JPMCB | Moffett Gateway | 525,000,000 | 07/20/16 | 46.3% | 60,000,000 | 397 | 60,000,000 | 397 | 6.0% | No | No | 3.31940 | 0.01509 | 3.30431 | Actual/360 | 291,607.97 | 3,499,295.67 | 09/22/16 | 11/01/16 | 10/01/21 | |
6 | JPMCB | Summit Mall | 205,000,000 | 08/08/16 | 41.5% | 50,000,000 | 161 | 50,000,000 | 161 | 5.0% | No | No | 3.31400 | 0.01509 | 3.29891 | Actual/360 | 140,001.16 | 1,680,013.89 | 09/07/16 | 11/01/16 | ||
7 | JPMCB | North Hills Village | 67,500,000 | 08/01/16 | 65.3% | 44,100,000 | 79 | 44,100,000 | 79 | 4.4% | No | No | 4.32848 | 0.02509 | 4.30339 | Actual/360 | 208,156.68 | 2,497,880.17 | 11/04/16 | 01/01/17 | ||
8 | JPMCB | Hotel Palomar San Diego | 80,100,000 | 11/01/17 | 47.4% | 38,000,000 | 180,095 | 38,000,000 | 180,095 | 3.8% | No | No | 4.55500 | 0.01509 | 4.53991 | Actual/360 | 146,245.02 | 1,754,940.28 | 11/01/16 | 12/01/16 | ||
9 | LCF | Redwood MHC Portfolio | 133,710,000 | Various | 71.8% | 37,000,000 | 23,958 | 37,000,000 | 23,958 | 3.7% | No | No | 4.11400 | 0.01150 | 4.10250 | Actual/360 | 179,084.02 | 2,149,008.24 | 09/06/16 | 10/06/16 | 03/06/19 | |
9.01 | LCF | Camp Inn | 20,800,000 | 08/04/16 | 5,892,250 | 5,892,250 | 0.6% | |||||||||||||||
9.02 | LCF | Town & Country Estates | 13,130,000 | 08/03/16 | 3,447,938 | 3,447,938 | 0.3% | |||||||||||||||
9.03 | LCF | St. Clements Crossing | 11,600,000 | 08/04/16 | 3,062,906 | 3,062,906 | 0.3% | |||||||||||||||
9.04 | LCF | Algoma | 10,000,000 | 08/05/16 | 2,963,083 | 2,963,083 | 0.3% | |||||||||||||||
9.05 | LCF | Suburban Estates | 10,240,000 | 08/04/16 | 2,914,135 | 2,914,135 | 0.3% | |||||||||||||||
9.06 | LCF | Colonial Acres | 11,070,000 | 08/05/16 | 2,763,245 | 2,763,245 | 0.3% | |||||||||||||||
9.07 | LCF | Twenty Nine Pines | 8,310,000 | 08/01/16 | 2,558,010 | 2,558,010 | 0.3% | |||||||||||||||
9.08 | LCF | Evergreen Springs | 8,070,000 | 08/03/16 | 2,372,240 | 2,372,240 | 0.2% | |||||||||||||||
9.09 | LCF | Avalon | 7,740,000 | 08/03/16 | 2,237,344 | 2,237,344 | 0.2% | |||||||||||||||
9.10 | LCF | Lexington | 4,760,000 | 08/04/16 | 1,294,615 | 1,294,615 | 0.1% | |||||||||||||||
9.11 | LCF | Colonial Manor | 5,240,000 | 08/05/16 | 1,215,026 | 1,215,026 | 0.1% | |||||||||||||||
9.12 | LCF | Green Acres | 4,070,000 | 08/03/16 | 1,181,688 | 1,181,688 | 0.1% | |||||||||||||||
9.13 | LCF | Cedar Grove | 3,070,000 | 08/03/16 | 946,198 | 946,198 | 0.1% | |||||||||||||||
9.14 | LCF | Hunters Chase | 3,270,000 | 08/01/16 | 934,250 | 934,250 | 0.1% | |||||||||||||||
9.15 | LCF | Highland Bluff | 3,200,000 | 08/03/16 | 883,760 | 883,760 | 0.1% | |||||||||||||||
9.16 | LCF | Winter Paradise | 3,090,000 | 08/04/16 | 881,641 | 881,641 | 0.1% | |||||||||||||||
9.17 | LCF | Weststar | 3,290,000 | 08/03/16 | 764,089 | 764,089 | 0.1% | |||||||||||||||
9.18 | LCF | El Frontier | 2,760,000 | 08/03/16 | 687,583 | 687,583 | 0.1% | |||||||||||||||
10 | BSP | 925 Common | 59,100,000 | 09/01/16 | 55.0% | 32,500,000 | 163,317 | 32,500,000 | 163,317 | 3.3% | No | No | 5.18000 | 0.01509 | 5.16491 | Actual/360 | 178,059.71 | 2,136,716.52 | 11/14/16 | 01/06/17 | 12/06/17 | |
11 | BSP | International Plaza | 38,950,000 | 09/15/16 | 73.2% | 28,500,000 | 102 | 28,500,000 | 102 | 2.9% | No | No | 5.09000 | 0.03509 | 5.05491 | Actual/360 | 154,565.61 | 1,854,787.32 | 10/31/16 | 12/06/16 | 11/06/17 | |
12 | BSP | Everett Plaza | 39,000,000 | 10/02/16 | 69.1% | 27,000,000 | 218 | 26,964,703 | 218 | 2.7% | No | No | 4.54000 | 0.01509 | 4.52491 | Actual/360 | 137,447.49 | 1,649,369.88 | 11/01/16 | 12/06/16 | ||
13 | JPMCB | Bilmar Beach Resort | 37,100,000 | 08/08/16 | 67.1% | 25,000,000 | 151,515 | 24,905,313 | 150,941 | 2.5% | No | No | 4.57100 | 0.01509 | 4.55591 | Actual/360 | 127,728.17 | 1,532,738.04 | 09/01/16 | 10/01/16 | ||
14 | LCF | 1140 Avenue of the Americas | 180,000,000 | 05/01/16 | 55.0% | 24,000,000 | 401 | 24,000,000 | 401 | 2.4% | No | No | 4.10900 | 0.01150 | 4.09750 | Actual/360 | 83,321.39 | 999,856.68 | 06/15/16 | 08/06/16 | ||
15 | JPMCB | Fry 529 Retail Center | 28,240,000 | 08/25/16 | 76.1% | 21,500,000 | 187 | 21,500,000 | 187 | 2.2% | No | No | 4.27000 | 0.04259 | 4.22741 | Actual/360 | 106,018.96 | 1,272,227.52 | 10/17/16 | 12/01/16 | 11/01/21 | |
16 | SMF VI | Arroyo South Office | 32,190,000 | 09/26/16 | 66.4% | 21,400,000 | 154 | 21,371,809 | 154 | 2.1% | No | No | 4.49800 | 0.06259 | 4.43541 | Actual/360 | 108,405.23 | 1,300,862.76 | 10/27/16 | 12/06/16 | ||
17 | JPMCB | PGA Financial Plaza | 30,000,000 | 09/08/16 | 69.0% | 20,700,000 | 285 | 20,700,000 | 285 | 2.1% | No | No | 3.98000 | 0.04259 | 3.93741 | 30/360 | 98,586.44 | 1,183,037.28 | 11/04/16 | 01/01/17 | 12/01/19 | |
18 | LCF | 80 Park Plaza | 177,400,000 | 08/01/16 | 75.0% | 20,500,000 | 138 | 20,500,000 | 138 | 2.1% | No | No | 4.45000 | 0.01150 | 4.43850 | Actual/360 | 103,262.35 | 1,239,148.20 | 09/30/16 | 11/06/16 | 10/06/19 | |
19 | SMF VI | Walgreens Pool 3 | 31,500,000 | Various | 64.5% | 20,349,000 | 227 | 20,323,068 | 227 | 2.0% | No | Yes - Group 1 | 4.68000 | 0.01509 | 4.66491 | Actual/360 | 105,293.13 | 1,263,517.56 | 11/01/16 | 12/06/16 | ||
19.01 | SMF VI | Walgreens Bettendorf | 6,550,000 | 10/04/16 | 4,233,000 | 4,227,606 | 0.4% | |||||||||||||||
19.02 | SMF VI | Walgreens Security | 5,900,000 | 10/05/16 | 3,802,000 | 3,797,155 | 0.4% | |||||||||||||||
19.03 | SMF VI | Walgreens Mason City | 5,770,000 | 10/06/16 | 3,732,000 | 3,727,244 | 0.4% | |||||||||||||||
19.04 | SMF VI | Walgreens Fort Dodge | 4,920,000 | 10/08/16 | 3,180,000 | 3,175,948 | 0.3% | |||||||||||||||
19.05 | SMF VI | Walgreens Virginia Beach | 4,300,000 | 10/03/16 | 2,779,000 | 2,775,459 | 0.3% | |||||||||||||||
19.06 | SMF VI | Walgreens Granite City | 4,060,000 | 09/27/16 | 2,623,000 | 2,619,657 | 0.3% | |||||||||||||||
20 | SMF VI | Walgreens Pool 6 | 30,750,000 | Various | 64.6% | 19,886,000 | 217 | 19,860,658 | 217 | 2.0% | No | Yes - Group 1 | 4.68000 | 0.01509 | 4.66491 | Actual/360 | 102,897.40 | 1,234,768.80 | 11/01/16 | 12/06/16 | ||
20.01 | SMF VI | Walgreens Sioux City | 5,970,000 | 09/28/16 | 3,857,000 | 3,852,085 | 0.4% | |||||||||||||||
20.02 | SMF VI | Walgreens Des Moines | 5,680,000 | 10/09/16 | 3,675,000 | 3,670,317 | 0.4% | |||||||||||||||
20.03 | SMF VI | Walgreens Mesa | 5,400,000 | 10/05/16 | 3,503,000 | 3,498,536 | 0.4% | |||||||||||||||
20.04 | SMF VI | Walgreens Wichita | 5,350,000 | 09/16/16 | 3,462,000 | 3,457,588 | 0.3% | |||||||||||||||
20.05 | SMF VI | Walgreens Colorado Springs | 4,700,000 | 10/05/16 | 3,036,000 | 3,032,131 | 0.3% | |||||||||||||||
20.06 | SMF VI | Walgreens Casa Grande | 3,650,000 | 10/05/16 | 2,353,000 | 2,350,001 | 0.2% | |||||||||||||||
21 | BSP | Franklin Marketplace | 31,000,000 | 07/26/16 | 58.7% | 18,250,000 | 82 | 18,187,741 | 81 | 1.8% | No | No | 5.10000 | 0.01509 | 5.08491 | Actual/360 | 99,088.33 | 1,189,059.96 | 08/19/16 | 10/06/16 | ||
22 | JPMCB | Salesforce Tower | 181,100,000 | 07/21/16 | 59.6% | 18,000,000 | 98 | 18,000,000 | 98 | 1.8% | No | No | 4.36690 | 0.01150 | 4.35540 | Actual/360 | 66,413.27 | 796,959.25 | 08/25/16 | 10/01/16 | ||
23 | JPMCB | Dick’s Sporting Goods Portfolio | 43,750,000 | Various | 70.8% | 18,000,000 | 117 | 17,976,072 | 117 | 1.8% | No | No | 4.44800 | 0.01509 | 4.43291 | Actual/360 | 90,648.05 | 1,087,776.60 | 10/11/16 | 12/01/16 | ||
23.01 | JPMCB | Dick’s Keene | 11,000,000 | 07/20/16 | 4,523,226 | 4,517,213 | 0.5% | |||||||||||||||
23.02 | JPMCB | Dick’s Concord | 9,200,000 | 07/22/16 | 3,785,806 | 3,780,774 | 0.4% | |||||||||||||||
23.03 | JPMCB | Dick’s Wichita | 8,100,000 | 07/19/16 | 3,332,903 | 3,328,473 | 0.3% | |||||||||||||||
23.04 | JPMCB | Dick’s Bloomingdale | 6,500,000 | 07/22/16 | 2,676,774 | 2,673,216 | 0.3% | |||||||||||||||
23.05 | JPMCB | Dick’s Fort Wayne | 5,100,000 | 07/20/16 | 2,096,129 | 2,093,343 | 0.2% | |||||||||||||||
23.06 | JPMCB | PetSmart Concord | 3,850,000 | 07/20/16 | 1,585,161 | 1,583,054 | 0.2% | |||||||||||||||
24 | LCF | Tech Ridge Office Park | 25,100,000 | 09/29/16 | 70.3% | 17,650,000 | 32 | 17,650,000 | 32 | 1.8% | No | No | 5.28300 | 0.01509 | 5.26791 | Actual/360 | 97,825.02 | 1,173,900.24 | 11/09/16 | 01/06/17 | ||
25 | SMF VI | Twelve Oaks | 23,400,000 | 08/16/16 | 70.1% | 16,400,000 | 156 | 16,400,000 | 156 | 1.6% | No | Yes - Group 3 | 4.36000 | 0.01509 | 4.34491 | Actual/360 | 81,737.75 | 980,853.00 | 10/11/16 | 12/06/16 | 11/06/20 | |
26 | SMF VI | Market at Hilliard | 22,300,000 | 09/26/16 | 71.7% | 16,000,000 | 139 | 16,000,000 | 139 | 1.6% | No | Yes - Group 2 | 4.69900 | 0.01509 | 4.68391 | Actual/360 | 82,972.43 | 995,669.16 | 11/10/16 | 01/06/17 | 12/06/17 | |
27 | JPMCB | The Riviera | 20,900,000 | 09/27/16 | 74.1% | 15,500,000 | 54,386 | 15,481,867 | 54,322 | 1.6% | No | No | 5.14400 | 0.04509 | 5.09891 | Actual/360 | 84,576.78 | 1,014,921.36 | 10/28/16 | 12/01/16 | ||
28 | JPMCB | HGI Kennesaw | 20,500,000 | 10/01/16 | 62.1% | 12,750,000 | 111,842 | 12,732,019 | 111,684 | 1.3% | No | No | 4.12000 | 0.01509 | 4.10491 | Actual/360 | 61,755.81 | 741,069.72 | 11/01/16 | 12/01/16 | ||
29 | SMF VI | Buckhorn Plaza | 14,000,000 | 09/23/16 | 75.0% | 10,500,000 | 121 | 10,500,000 | 121 | 1.1% | No | Yes - Group 2 | 4.34500 | 0.01509 | 4.32991 | Actual/360 | 52,239.32 | 626,871.84 | 11/04/16 | 12/06/16 | 11/06/17 | |
30 | JPMCB | Timbergrove Heights | 14,390,000 | 10/24/16 | 71.6% | 10,300,000 | 108,421 | 10,300,000 | 108,421 | 1.0% | No | No | 4.62500 | 0.01509 | 4.60991 | Actual/360 | 52,956.37 | 635,476.44 | 11/08/16 | 01/01/17 | ||
31 | SMF VI | Home2 Suites Lubbock | 14,000,000 | 06/13/16 | 61.2% | 8,600,000 | 86,000 | 8,570,821 | 85,708 | 0.9% | No | No | 4.69000 | 0.01509 | 4.67491 | Actual/360 | 48,733.77 | 584,805.24 | 10/04/16 | 11/06/16 | ||
32 | SMF VI | Southwest Business Center | 11,200,000 | 10/04/16 | 66.9% | 8,300,000 | 107 | 8,288,866 | 107 | 0.8% | No | No | 4.39800 | 0.01509 | 4.38291 | Actual/360 | 41,553.35 | 498,640.20 | 11/01/16 | 12/06/16 | ||
33 | SMF VI | Hinesville Central | 8,800,000 | 08/16/16 | 71.6% | 6,300,000 | 151 | 6,300,000 | 151 | 0.6% | No | Yes - Group 3 | 4.36000 | 0.01509 | 4.34491 | Actual/360 | 31,399.26 | 376,791.12 | 10/11/16 | 12/06/16 | 11/06/19 | |
34 | SMF VI | Presidents Industrial | 9,200,000 | 09/22/16 | 68.5% | 6,300,000 | 59 | 6,300,000 | 59 | 0.6% | No | No | 4.42500 | 0.01509 | 4.40991 | Actual/360 | 31,641.04 | 379,692.48 | 11/04/16 | 12/06/16 | 11/06/18 | |
35 | SMF VI | Holiday Inn Express Salina | 10,800,000 | 07/05/16 | 57.3% | 6,200,000 | 70,455 | 6,184,946 | 70,283 | 0.6% | No | No | 4.67000 | 0.01509 | 4.65491 | Actual/360 | 32,043.84 | 384,526.08 | 09/09/16 | 11/06/16 | ||
36 | BSP | Townley Park Center Retail | 8,500,000 | 07/18/16 | 69.3% | 5,900,000 | 177 | 5,886,671 | 177 | 0.6% | No | No | 5.02000 | 0.01509 | 5.00491 | Actual/360 | 31,744.63 | 380,935.56 | 09/29/16 | 11/06/16 | ||
37 | SMF VI | Hebron Heights | 8,350,000 | 10/03/16 | 67.7% | 5,650,000 | 157 | 5,650,000 | 157 | 0.6% | No | No | 4.62500 | 0.01509 | 4.60991 | Actual/360 | 29,048.88 | 348,586.56 | 10/21/16 | 12/06/16 | 11/06/18 | |
38 | SMF VI | West Hills Plaza | 7,400,000 | 09/12/16 | 66.1% | 4,900,000 | 44 | 4,891,087 | 44 | 0.5% | No | No | 4.46000 | 0.05509 | 4.40491 | Actual/360 | 27,124.66 | 325,495.92 | 11/02/16 | 12/06/16 | ||
39 | LCF | Dollar General Dimmitt | 1,430,000 | 03/16/16 | 75.0% | 1,072,500 | 102 | 1,072,500 | 102 | 0.1% | No | Yes - Group 4 | 5.35000 | 0.01509 | 5.33491 | Actual/360 | 4,847.97 | 58,175.64 | 04/26/16 | 06/06/16 | ||
40 | LCF | Dollar General Jackson | 1,390,000 | 05/27/16 | 75.0% | 1,042,500 | 115 | 1,042,500 | 115 | 0.1% | No | Yes - Group 4 | 5.26000 | 0.01509 | 5.24491 | Actual/360 | 4,633.09 | 55,597.08 | 11/04/16 | 12/06/16 |
A-1-2 |
ANNEX A-1
HISTORICAL FINANCIALS(14) | ||||||||||||||||||||||
Partial IO Loan | Rem. | Rem. | Payment | Grace Period | Grace Period | Final | Maturity/ARD | Maturity | Prepayment | 2013 | 2013 | 2013 | 2014 | |||||||||
Loan # | Seller(1) | Property Name | First P&I Payment | Term | Amort | I/O Period | Seasoning | Due Date | (Late Payment) | (Default)(11) | Maturity Date(12) | ARD Loan(12) | Mat Date(12) | Balance ($)(5) | LTV %(4)(5) | Provision (Payments)(13) | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | ||
1 | JPMCB | Hilton Hawaiian Village | 119 | 0 | 120 | 1 | 1 | 0 | 0 | 11/01/26 | No | 94,000,000 | 31.2% | L(25),DeforGrtr1%orYM(88),O(7) | 324,974,888 | 214,010,053 | 110,964,835 | 346,089,627 | ||||
2 | JPMCB | Fresno Fashion Fair Mall | 119 | 0 | 120 | 1 | 1 | 5 | 0 | 11/01/26 | No | 80,000,000 | 57.5% | L(25),DeforGrtr1%orYM(91),O(4) | 31,587,519 | 6,451,070 | 25,136,449 | 32,794,192 | ||||
3 | JPMCB | 9 West 57th Street | 117 | 0 | 120 | 3 | 1 | 1 | 0 | 09/01/26 | No | 63,000,000 | 29.8% | L(27),Def(86),O(7) | 116,748,306 | 55,775,327 | 60,972,979 | 127,093,163 | ||||
4 | JPMCB | Riverway | 120 | 360 | 0 | 0 | 1 | 0 | 0 | 12/01/26 | No | 51,721,280 | 59.6% | L(24),Def(93),O(3) | 25,489,463 | 11,004,945 | 14,484,517 | 23,349,290 | ||||
5 | JPMCB | Moffett Gateway | 11/01/21 | 124 | 360 | 60 | 2 | 1 | 0 | 0 | 04/01/27 | No | 50,971,995 | 39.3% | L(26),Def(93),O(7) | |||||||
6 | JPMCB | Summit Mall | 118 | 0 | 120 | 2 | 1 | 0 | 0 | 10/01/26 | No | 50,000,000 | 41.5% | L(26),Def(87),O(7) | 15,065,656 | 3,761,536 | 11,304,120 | 16,182,561 | ||||
7 | JPMCB | North Hills Village | 60 | 360 | 0 | 0 | 1 | 0 | 0 | 12/01/21 | No | 40,897,441 | 60.6% | L(25),Grtr1%orYM(32),O(3) | 6,673,871 | 2,037,150 | 4,636,721 | 6,991,079 | ||||
8 | JPMCB | Hotel Palomar San Diego | 59 | 0 | 60 | 1 | 1 | 0 | 0 | 11/01/21 | No | 38,000,000 | 47.4% | L(25),Grtr1%orYM(23),O(12) | 15,235,573 | 13,527,066 | 1,708,507 | 14,827,817 | ||||
9 | LCF | Redwood MHC Portfolio | 04/06/19 | 117 | 360 | 30 | 3 | 6 | 0 | 0 | 09/06/26 | No | 31,694,615 | 61.5% | L(27),Def(89),O(4) | 13,951,003 | 6,183,055 | 7,767,948 | 14,326,966 | |||
9.01 | LCF | Camp Inn | 5,047,367 | 1,938,867 | 896,569 | 1,042,298 | 1,985,990 | |||||||||||||||
9.02 | LCF | Town & Country Estates | 2,953,542 | 1,350,701 | 456,282 | 894,419 | 1,369,629 | |||||||||||||||
9.03 | LCF | St. Clements Crossing | 2,623,720 | 1,166,273 | 574,182 | 592,091 | 1,188,509 | |||||||||||||||
9.04 | LCF | Algoma | 2,538,210 | 1,071,909 | 464,632 | 607,277 | 1,084,173 | |||||||||||||||
9.05 | LCF | Suburban Estates | 2,496,281 | 822,645 | 372,985 | 449,660 | 860,595 | |||||||||||||||
9.06 | LCF | Colonial Acres | 2,367,026 | 1,413,465 | 678,119 | 735,346 | 1,459,280 | |||||||||||||||
9.07 | LCF | Twenty Nine Pines | 2,191,220 | 767,029 | 292,725 | 474,304 | 787,042 | |||||||||||||||
9.08 | LCF | Evergreen Springs | 2,032,087 | 655,334 | 225,151 | 430,183 | 681,745 | |||||||||||||||
9.09 | LCF | Avalon | 1,916,534 | 705,166 | 334,290 | 370,876 | 779,753 | |||||||||||||||
9.10 | LCF | Lexington | 1,108,981 | 403,862 | 189,801 | 214,061 | 437,782 | |||||||||||||||
9.11 | LCF | Colonial Manor | 1,040,805 | 642,300 | 249,835 | 392,465 | 650,694 | |||||||||||||||
9.12 | LCF | Green Acres | 1,012,247 | 400,831 | 165,530 | 235,301 | 420,658 | |||||||||||||||
9.13 | LCF | Cedar Grove | 810,524 | 381,965 | 194,568 | 187,397 | 400,707 | |||||||||||||||
9.14 | LCF | Hunters Chase | 800,289 | 394,626 | 161,743 | 232,883 | 383,737 | |||||||||||||||
9.15 | LCF | Highland Bluff | 757,039 | 314,235 | 134,802 | 179,433 | 311,494 | |||||||||||||||
9.16 | LCF | Winter Paradise | 755,223 | 610,671 | 389,534 | 221,137 | 597,295 | |||||||||||||||
9.17 | LCF | Weststar | 654,527 | 359,331 | 103,581 | 255,750 | 364,111 | |||||||||||||||
9.18 | LCF | El Frontier | 588,992 | 551,793 | 298,726 | 253,067 | 563,772 | |||||||||||||||
10 | BSP | 925 Common | 01/06/18 | 120 | 360 | 12 | 0 | 6 | 0 | 0 | 12/06/26 | No | 27,578,512 | 46.7% | L(24),Def(93),O(3) | 2,512,975 | 1,202,347 | 1,310,628 | 2,544,488 | |||
11 | BSP | International Plaza | 12/06/17 | 119 | 360 | 12 | 1 | 6 | 0 | 0 | 11/06/26 | No | 24,120,954 | 61.9% | L(25),Def(91),O(4) | 3,862,790 | 3,116,920 | 745,870 | 4,425,639 | |||
12 | BSP | Everett Plaza | 119 | 359 | 0 | 1 | 6 | 0 | 0 | 11/06/26 | No | 21,855,537 | 56.0% | L(25),Def(91),O(4) | 2,832,622 | 509,364 | 2,323,257 | 2,881,373 | ||||
13 | JPMCB | Bilmar Beach Resort | 117 | 357 | 0 | 3 | 1 | 0 | 0 | 09/01/26 | No | 20,258,372 | 54.6% | L(27),Def(89),O(4) | 12,075,726 | 9,697,058 | 2,378,668 | 12,881,426 | ||||
14 | LCF | 1140 Avenue of the Americas | 115 | 0 | 120 | 5 | 6 | 0 | 0 | 07/06/26 | No | 24,000,000 | 55.0% | L(24),Grtr1%orYM(92),O(4) | 10,726,256 | 5,012,714 | 5,713,542 | 16,986,338 | ||||
15 | JPMCB | Fry 529 Retail Center | 12/01/21 | 119 | 360 | 60 | 1 | 1 | 0 | 0 | 11/01/26 | No | 19,600,051 | 69.4% | L(25),Grtr1%orYM(92),O(3) | |||||||
16 | SMF VI | Arroyo South Office | 119 | 359 | 0 | 1 | 6 | 0 | 0 | 11/06/26 | No | 17,297,624 | 53.7% | L(25),Grtr1%orYM(91),O(4) | 1,166,082 | 364,061 | 802,021 | 1,990,230 | ||||
17 | JPMCB | PGA Financial Plaza | 01/01/20 | 120 | 360 | 36 | 0 | 1 | 0 | 0 | 12/01/26 | No | 17,806,098 | 59.4% | L(25),Grtr1%orYM(92),O(3) | 2,285,302 | 792,153 | 1,493,148 | 2,521,174 | |||
18 | LCF | 80 Park Plaza | 11/06/19 | 118 | 360 | 36 | 2 | 6 | 0 | 0 | 10/06/26 | No | 17,925,039 | 65.6% | L(26),Def(90),O(4) | 19,408,125 | 10,541,458 | 8,866,667 | 19,688,978 | |||
19 | SMF VI | Walgreens Pool 3 | 121 | 359 | 0 | 1 | 6 | 0 | 0 | 01/06/27 | No | 16,470,758 | 52.3% | L(3),Grtr1%orYM(22),DeforGrtr1%orYM(91),O(6) | ||||||||
19.01 | SMF VI | Walgreens Bettendorf | 3,426,248 | |||||||||||||||||||
19.02 | SMF VI | Walgreens Security | 3,077,391 | |||||||||||||||||||
19.03 | SMF VI | Walgreens Mason City | 3,020,732 | |||||||||||||||||||
19.04 | SMF VI | Walgreens Fort Dodge | 2,573,935 | |||||||||||||||||||
19.05 | SMF VI | Walgreens Virginia Beach | 2,249,361 | |||||||||||||||||||
19.06 | SMF VI | Walgreens Granite City | 2,123,092 | |||||||||||||||||||
20 | SMF VI | Walgreens Pool 6 | 121 | 359 | 0 | 1 | 6 | 0 | 0 | 01/06/27 | No | 16,096,000 | 52.3% | L(3),Grtr1%orYM(22),DeforGrtr1%orYM(91),O(6) | ||||||||
20.01 | SMF VI | Walgreens Sioux City | 3,121,908 | |||||||||||||||||||
20.02 | SMF VI | Walgreens Des Moines | 2,974,595 | |||||||||||||||||||
20.03 | SMF VI | Walgreens Mesa | 2,835,376 | |||||||||||||||||||
20.04 | SMF VI | Walgreens Wichita | 2,802,190 | |||||||||||||||||||
20.05 | SMF VI | Walgreens Colorado Springs | 2,457,380 | |||||||||||||||||||
20.06 | SMF VI | Walgreens Casa Grande | 1,904,550 | |||||||||||||||||||
21 | BSP | Franklin Marketplace | 57 | 357 | 0 | 3 | 6 | 0 | 0 | 09/06/21 | No | 16,855,505 | 54.4% | L(27),Def(29),O(4) | 3,043,647 | 1,120,740 | 1,922,907 | 2,967,240 | ||||
22 | JPMCB | Salesforce Tower | 117 | 0 | 120 | 3 | 1 | 0 | 0 | 09/01/26 | No | 18,000,000 | 59.6% | L(27),Def(90),O(3) | 25,645,275 | 13,160,861 | 12,484,414 | 27,432,454 | ||||
23 | JPMCB | Dick’s Sporting Goods Portfolio | 119 | 359 | 0 | 1 | 1 | 0 | 0 | 11/01/26 | No | 14,524,382 | 57.2% | L(25),Def(91),O(4) | 4,697,103 | 1,560,301 | 3,136,802 | 4,825,210 | ||||
23.01 | JPMCB | Dick’s Keene | 3,649,837 | 903,752 | 175,911 | 727,841 | 816,444 | |||||||||||||||
23.02 | JPMCB | Dick’s Concord | 3,054,806 | 786,600 | 194,689 | 591,911 | 794,147 | |||||||||||||||
23.03 | JPMCB | Dick’s Wichita | 2,689,353 | 699,550 | 98,050 | 601,500 | 702,152 | |||||||||||||||
23.04 | JPMCB | Dick’s Bloomingdale | 2,159,916 | 1,236,368 | 687,606 | 548,762 | 1,419,980 | |||||||||||||||
23.05 | JPMCB | Dick’s Fort Wayne | 1,691,388 | 791,542 | 381,123 | 410,419 | 800,088 | |||||||||||||||
23.06 | JPMCB | PetSmart Concord | 1,279,083 | 279,290 | 22,921 | 256,368 | 292,399 | |||||||||||||||
24 | LCF | Tech Ridge Office Park | 60 | 360 | 0 | 0 | 6 | 0 | 0 | 12/06/21 | No | 16,345,711 | 65.1% | L(24),Def(33),O(3) | 4,746,124 | 2,732,285 | 2,013,840 | 5,078,649 | ||||
25 | SMF VI | Twelve Oaks | 12/06/20 | 119 | 360 | 48 | 1 | 6 | 0 | 0 | 11/06/26 | No | 14,647,119 | 62.6% | L(25),DeforGrtr1%orYM(90),O(5) | 2,057,014 | 637,743 | 1,419,271 | 2,180,759 | |||
26 | SMF VI | Market at Hilliard | 01/06/18 | 120 | 360 | 12 | 0 | 6 | 0 | 0 | 12/06/26 | No | 13,388,275 | 60.0% | L(24),Def(92),O(4) | 2,309,144 | 735,039 | 1,574,105 | 2,323,313 | |||
27 | JPMCB | The Riviera | 59 | 359 | 0 | 1 | 1 | 0 | 0 | 11/01/21 | No | 14,324,897 | 68.5% | L(25),Grtr1%orYM(32),O(3) | 1,907,434 | 1,082,448 | 824,986 | 2,312,559 | ||||
28 | JPMCB | HGI Kennesaw | 119 | 359 | 0 | 1 | 1 | 0 | 0 | 11/01/26 | No | 10,170,369 | 49.6% | L(25),Def(92),O(3) | 4,271,808 | 2,964,149 | 1,307,659 | 4,586,953 | ||||
29 | SMF VI | Buckhorn Plaza | 12/06/17 | 119 | 360 | 12 | 1 | 6 | 0 | 0 | 11/06/26 | No | 8,691,540 | 62.1% | L(25),Def(91),O(4) | 1,354,462 | 400,346 | 954,116 | 1,161,320 | |||
30 | JPMCB | Timbergrove Heights | 120 | 360 | 0 | 0 | 1 | 0 | 0 | 12/01/26 | No | 8,362,092 | 58.1% | L(25),Grtr1%orYM(92),O(3) | ||||||||
31 | SMF VI | Home2 Suites Lubbock | 118 | 298 | 0 | 2 | 6 | 0 | 0 | 10/06/26 | No | 6,356,276 | 45.4% | L(26),Def(90),O(4) | ||||||||
32 | SMF VI | Southwest Business Center | 119 | 359 | 0 | 1 | 6 | 0 | 0 | 11/06/26 | No | 6,685,778 | 52.6% | L(25),Def(91),O(4) | 842,794 | 191,837 | 650,957 | 920,731 | ||||
33 | SMF VI | Hinesville Central | 12/06/19 | 119 | 360 | 36 | 1 | 6 | 0 | 0 | 11/06/26 | No | 5,496,886 | 62.5% | L(25),DeforGrtr1%orYM(90),O(5) | 740,230 | 136,312 | 603,918 | 756,301 | |||
34 | SMF VI | Presidents Industrial | 12/06/18 | 119 | 360 | 24 | 1 | 6 | 0 | 0 | 11/06/26 | No | 5,369,638 | 58.4% | L(25),Def(91),O(4) | 859,748 | ||||||
35 | SMF VI | Holiday Inn Express Salina | 118 | 358 | 0 | 2 | 6 | 0 | 0 | 10/06/26 | No | 5,041,250 | 46.7% | L(26),Def(90),O(4) | 2,276,235 | 1,363,500 | 912,736 | 2,872,004 | ||||
36 | BSP | Townley Park Center Retail | 118 | 358 | 0 | 2 | 6 | 0 | 0 | 10/06/26 | No | 4,853,338 | 57.1% | L(26),Def(90),O(4) | 650,485 | 154,939 | 495,546 | 645,596 | ||||
37 | SMF VI | Hebron Heights | 12/06/18 | 119 | 360 | 24 | 1 | 6 | 0 | 0 | 11/06/26 | No | 4,841,391 | 58.0% | L(25),Def(91),O(4) | 430,295 | ||||||
38 | SMF VI | West Hills Plaza | 119 | 299 | 0 | 1 | 6 | 0 | 0 | 11/06/26 | No | 3,590,089 | 48.5% | L(25),Def(91),O(4) | 713,297 | 236,136 | 477,161 | 836,027 | ||||
39 | LCF | Dollar General Dimmitt | 113 | 0 | 120 | 7 | 6 | 0 | 0 | 05/06/26 | Yes | 05/06/31 | 1,072,500 | 75.0% | YM(31),DeforYM(82),O(7) | |||||||
40 | LCF | Dollar General Jackson | 119 | 0 | 120 | 1 | 6 | 0 | 0 | 11/06/26 | Yes | 11/06/31 | 1,042,500 | 75.0% | YM(25),DeforYM(88),O(7) |
A-1-3 |
ANNEX A-1
HISTORICAL FINANCIALS(14) | ||||||||||||||||||||||
UW | ||||||||||||||||||||||
2014 | 2014 | 2015 | 2015 | 2015 | Most Recent | Most Recent | Most Recent | Economic | UW | UW Total | UW | UW Capital | UW | UW | UW NCF | UW NOI | UW NCF | |||||
Loan # | Seller(1) | Property Name | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($) | As of | Occupancy % | Revenues ($)(3) | Expenses ($) | NOI ($)(3)(15) | Items ($) | NCF ($)(3)(15) | NOI DSCR(16) | DSCR(16) | Debt Yield % | Debt Yield % | |
1 | JPMCB | Hilton Hawaiian Village | 226,228,808 | 119,860,819 | 366,791,222 | 238,053,500 | 128,737,723 | 376,987,438 | 245,094,318 | 131,893,120 | 09/30/16 | 94.6% | 374,437,742 | 241,850,768 | 132,586,975 | 0 | 132,586,975 | 4.47 | 4.47 | 19.0% | 19.0% | |
2 | JPMCB | Fresno Fashion Fair Mall | 6,442,883 | 26,351,309 | 33,828,408 | 5,653,406 | 28,175,002 | 33,789,630 | 5,728,731 | 28,060,898 | 06/30/16 | 89.6% | 32,392,463 | 6,099,950 | 26,292,513 | 993,289 | 25,299,223 | 2.22 | 2.14 | 8.1% | 7.8% | |
3 | JPMCB | 9 West 57th Street | 59,405,953 | 67,687,210 | 148,729,532 | 63,564,960 | 85,164,572 | 161,485,907 | 64,471,574 | 97,014,333 | 06/30/16 | 66.9% | 166,714,099 | 58,877,243 | 107,836,855 | 738,788 | 107,098,067 | 3.67 | 3.64 | 10.6% | 10.6% | |
4 | JPMCB | Riverway | 11,652,689 | 11,696,602 | 24,694,712 | 12,493,997 | 12,200,715 | 24,766,779 | 12,494,418 | 12,272,361 | 08/31/16 | 90.0% | 25,871,039 | 12,713,001 | 13,158,038 | 1,479,065 | 11,678,973 | 1.60 | 1.42 | 10.3% | 9.1% | |
5 | JPMCB | Moffett Gateway | 95.0% | 35,097,235 | 6,170,971 | 28,926,265 | 1,294,985 | 27,631,280 | 2.04 | 1.95 | 11.9% | 11.4% | ||||||||||
6 | JPMCB | Summit Mall | 3,902,553 | 12,280,008 | 16,012,933 | 3,778,460 | 12,234,473 | 16,529,626 | 3,769,744 | 12,759,882 | 07/31/16 | 92.7% | 17,294,164 | 3,863,136 | 13,431,028 | 586,095 | 12,844,933 | 4.70 | 4.50 | 15.8% | 15.1% | |
7 | JPMCB | North Hills Village | 2,062,674 | 4,928,405 | 6,888,768 | 2,113,906 | 4,774,862 | 6,821,779 | 2,090,103 | 4,731,676 | 07/31/16 | 95.4% | 6,558,084 | 2,085,761 | 4,472,323 | 367,441 | 4,104,882 | 1.79 | 1.64 | 10.1% | 9.3% | |
8 | JPMCB | Hotel Palomar San Diego | 12,374,105 | 2,453,712 | 16,011,717 | 12,756,695 | 3,255,022 | 18,291,616 | 13,605,001 | 4,686,615 | 09/30/16 | 79.7% | 18,242,594 | 13,758,957 | 4,483,638 | 0 | 4,483,638 | 2.55 | 2.55 | 11.8% | 11.8% | |
9 | LCF | Redwood MHC Portfolio | 6,729,350 | 7,597,616 | 14,732,697 | 6,891,031 | 7,841,666 | 14,797,750 | 6,937,347 | 7,860,403 | 06/30/16 | 69.4% | 14,797,750 | 6,919,649 | 7,878,101 | 200,350 | 7,677,751 | 1.41 | 1.38 | 8.2% | 8.0% | |
9.01 | LCF | Camp Inn | 947,616 | 1,038,374 | 2,073,530 | 950,180 | 1,123,350 | 2,127,516 | 945,009 | 1,182,507 | 06/30/16 | 67.7% | 2,127,516 | 942,319 | 1,185,197 | 39,850 | 1,145,347 | |||||
9.02 | LCF | Town & Country Estates | 468,756 | 900,873 | 1,357,719 | 441,877 | 915,842 | 1,346,530 | 466,818 | 879,712 | 06/30/16 | 77.2% | 1,346,530 | 470,104 | 876,426 | 16,000 | 860,426 | |||||
9.03 | LCF | St. Clements Crossing | 615,388 | 573,121 | 1,239,443 | 637,710 | 601,733 | 1,246,021 | 621,007 | 625,014 | 06/30/16 | 95.5% | 1,246,021 | 623,026 | 622,995 | 9,300 | 613,695 | |||||
9.04 | LCF | Algoma | 499,353 | 584,820 | 1,113,471 | 511,658 | 601,813 | 1,137,131 | 524,263 | 612,868 | 06/30/16 | 71.6% | 1,137,131 | 520,834 | 616,297 | 16,100 | 600,197 | |||||
9.05 | LCF | Suburban Estates | 387,380 | 473,215 | 910,316 | 401,724 | 508,592 | 925,037 | 380,367 | 544,670 | 06/30/16 | 97.6% | 925,037 | 379,405 | 545,632 | 6,600 | 539,032 | |||||
9.06 | LCF | Colonial Acres | 775,781 | 683,499 | 1,399,296 | 681,748 | 717,548 | 1,359,004 | 699,298 | 659,706 | 06/30/16 | 44.2% | 1,359,004 | 693,437 | 665,567 | 30,600 | 634,967 | |||||
9.07 | LCF | Twenty Nine Pines | 343,267 | 443,775 | 803,598 | 354,270 | 449,328 | 819,465 | 336,431 | 483,034 | 06/30/16 | 86.1% | 819,465 | 341,807 | 477,658 | 7,200 | 470,458 | |||||
9.08 | LCF | Evergreen Springs | 221,929 | 459,816 | 695,926 | 232,272 | 463,654 | 710,334 | 232,723 | 477,611 | 06/30/16 | 94.5% | 710,334 | 247,894 | 462,440 | 5,100 | 457,340 | |||||
9.09 | LCF | Avalon | 370,461 | 409,292 | 937,244 | 410,434 | 526,810 | 893,823 | 419,102 | 474,721 | 06/30/16 | 64.0% | 893,823 | 409,023 | 484,800 | 12,800 | 472,000 | |||||
9.10 | LCF | Lexington | 215,696 | 222,086 | 480,561 | 230,588 | 249,973 | 484,600 | 222,322 | 262,278 | 06/30/16 | 89.4% | 484,600 | 220,870 | 263,730 | 3,800 | 259,930 | |||||
9.11 | LCF | Colonial Manor | 270,018 | 380,676 | 645,233 | 324,281 | 320,952 | 637,363 | 329,802 | 307,561 | 06/30/16 | 68.0% | 637,363 | 326,876 | 310,487 | 9,750 | 300,737 | |||||
9.12 | LCF | Green Acres | 177,689 | 242,969 | 405,103 | 186,349 | 218,754 | 412,271 | 181,649 | 230,622 | 06/30/16 | 89.6% | 412,271 | 179,047 | 233,224 | 3,200 | 230,024 | |||||
9.13 | LCF | Cedar Grove | 224,137 | 176,570 | 419,791 | 236,595 | 183,196 | 425,225 | 237,139 | 188,086 | 06/30/16 | 95.2% | 425,225 | 243,347 | 181,878 | 3,000 | 178,878 | |||||
9.14 | LCF | Hunters Chase | 181,878 | 201,859 | 384,885 | 196,927 | 187,958 | 392,255 | 194,423 | 197,832 | 06/30/16 | 67.6% | 392,255 | 191,116 | 201,139 | 6,700 | 194,439 | |||||
9.15 | LCF | Highland Bluff | 155,165 | 156,329 | 326,662 | 154,136 | 172,526 | 332,207 | 159,543 | 172,664 | 06/30/16 | 90.1% | 332,207 | 156,700 | 175,507 | 2,450 | 173,057 | |||||
9.16 | LCF | Winter Paradise | 400,008 | 197,287 | 618,538 | 422,398 | 196,140 | 626,021 | 432,092 | 193,929 | 06/30/16 | 43.9% | 626,021 | 424,378 | 201,643 | 14,500 | 187,143 | |||||
9.17 | LCF | Weststar | 116,072 | 248,039 | 351,951 | 130,069 | 221,882 | 360,948 | 146,396 | 214,552 | 06/30/16 | 77.1% | 360,948 | 144,614 | 216,334 | 4,500 | 211,834 | |||||
9.18 | LCF | El Frontier | 358,755 | 205,017 | 569,430 | 387,817 | 181,613 | 561,999 | 408,964 | 153,035 | 06/30/16 | 44.9% | 561,999 | 404,853 | 157,146 | 8,900 | 148,246 | |||||
10 | BSP | 925 Common | 1,285,218 | 1,259,270 | 2,412,958 | 1,254,152 | 1,158,806 | 3,034,537 | 1,496,664 | 1,537,873 | 09/30/16 | 93.3% | 4,308,713 | 1,613,998 | 2,694,714 | 60,180 | 2,634,534 | 1.26 | 1.23 | 8.3% | 8.1% | |
11 | BSP | International Plaza | 3,063,855 | 1,361,784 | 5,496,543 | 3,242,407 | 2,254,136 | 5,980,744 | 3,304,691 | 2,676,053 | 08/31/16 | 84.6% | 6,327,150 | 3,473,284 | 2,853,866 | 406,355 | 2,447,512 | 1.54 | 1.32 | 10.0% | 8.6% | |
12 | BSP | Everett Plaza | 524,273 | 2,357,101 | 2,782,152 | 532,606 | 2,249,545 | 2,684,514 | 501,530 | 2,182,984 | 09/30/16 | 87.7% | 2,918,021 | 542,053 | 2,375,969 | 141,962 | 2,234,007 | 1.44 | 1.35 | 8.8% | 8.3% | |
13 | JPMCB | Bilmar Beach Resort | 10,269,001 | 2,612,425 | 14,349,324 | 11,164,047 | 3,185,277 | 14,713,077 | 11,352,707 | 3,360,370 | 06/30/16 | 80.0% | 14,672,894 | 11,437,129 | 3,235,765 | 0 | 3,235,765 | 2.11 | 2.11 | 13.0% | 13.0% | |
14 | LCF | 1140 Avenue of the Americas | 6,117,554 | 10,868,784 | 19,585,299 | 6,573,373 | 13,011,926 | 20,197,064 | 6,249,017 | 13,948,046 | 03/31/16 | 90.5% | 20,833,881 | 11,323,332 | 9,510,549 | 617,480 | 8,893,069 | 2.31 | 2.16 | 9.6% | 9.0% | |
15 | JPMCB | Fry 529 Retail Center | 2,032,747 | 748,463 | 1,284,284 | 07/31/16 | 95.0% | 2,648,640 | 865,707 | 1,782,933 | 111,020 | 1,671,913 | 1.40 | 1.31 | 8.3% | 7.8% | ||||||
16 | SMF VI | Arroyo South Office | 431,932 | 1,558,298 | 2,251,366 | 426,848 | 1,824,518 | 2,560,025 | 438,306 | 2,121,719 | 08/31/16 | 91.3% | 2,725,909 | 400,949 | 2,324,959 | 166,428 | 2,158,531 | 1.79 | 1.66 | 10.9% | 10.1% | |
17 | JPMCB | PGA Financial Plaza | 825,900 | 1,695,274 | 2,729,051 | 878,620 | 1,850,431 | 2,796,036 | 885,889 | 1,910,147 | 07/31/16 | 95.0% | 2,752,054 | 855,576 | 1,896,478 | 137,040 | 1,759,438 | 1.60 | 1.49 | 9.2% | 8.5% | |
18 | LCF | 80 Park Plaza | 10,732,485 | 8,956,493 | 20,185,467 | 10,771,904 | 9,413,563 | 21,155,781 | 11,508,439 | 9,647,342 | 05/31/16 | 85.5% | 24,135,155 | 11,627,672 | 12,507,483 | 308,469 | 12,199,014 | 1.56 | 1.52 | 9.4% | 9.2% | |
19 | SMF VI | Walgreens Pool 3 | 98.0% | 1,619,694 | 16,197 | 1,603,497 | 0 | 1,603,497 | 1.27 | 1.27 | 7.9% | 7.9% | ||||||||||
19.01 | SMF VI | Walgreens Bettendorf | 98.0% | 336,930 | 3,369 | 333,561 | 0 | 333,561 | ||||||||||||||
19.02 | SMF VI | Walgreens Security | 98.0% | 302,637 | 3,026 | 299,610 | 0 | 299,610 | ||||||||||||||
19.03 | SMF VI | Walgreens Mason City | 98.0% | 297,088 | 2,971 | 294,117 | 0 | 294,117 | ||||||||||||||
19.04 | SMF VI | Walgreens Fort Dodge | 98.0% | 253,055 | 2,531 | 250,524 | 0 | 250,524 | ||||||||||||||
19.05 | SMF VI | Walgreens Virginia Beach | 98.0% | 221,138 | 2,211 | 218,927 | 0 | 218,927 | ||||||||||||||
19.06 | SMF VI | Walgreens Granite City | 98.0% | 208,847 | 2,088 | 206,758 | 0 | 206,758 | ||||||||||||||
20 | SMF VI | Walgreens Pool 6 | 98.0% | 1,582,736 | 15,827 | 1,566,909 | 0 | 1,566,909 | 1.27 | 1.27 | 7.9% | 7.9% | ||||||||||
20.01 | SMF VI | Walgreens Sioux City | 98.0% | 307,041 | 3,070 | 303,970 | 0 | 303,970 | ||||||||||||||
20.02 | SMF VI | Walgreens Des Moines | 98.0% | 292,461 | 2,925 | 289,537 | 0 | 289,537 | ||||||||||||||
20.03 | SMF VI | Walgreens Mesa | 98.0% | 278,818 | 2,788 | 276,030 | 0 | 276,030 | ||||||||||||||
20.04 | SMF VI | Walgreens Wichita | 98.0% | 275,502 | 2,755 | 272,747 | 0 | 272,747 | ||||||||||||||
20.05 | SMF VI | Walgreens Colorado Springs | 98.0% | 241,692 | 2,417 | 239,275 | 0 | 239,275 | ||||||||||||||
20.06 | SMF VI | Walgreens Casa Grande | 98.0% | 187,223 | 1,872 | 185,351 | 0 | 185,351 | ||||||||||||||
21 | BSP | Franklin Marketplace | 1,168,538 | 1,798,702 | 3,071,420 | 1,174,116 | 1,897,305 | 3,106,157 | 1,172,947 | 1,933,210 | 05/31/16 | 83.7% | 3,110,741 | 1,187,051 | 1,923,690 | 134,934 | 1,788,756 | 1.62 | 1.50 | 10.6% | 9.8% | |
22 | JPMCB | Salesforce Tower | 13,705,299 | 13,727,155 | 25,195,298 | 13,380,191 | 11,815,107 | 25,515,651 | 13,700,975 | 11,814,676 | 06/30/16 | 85.1% | 27,585,123 | 13,874,433 | 13,710,690 | 1,878,699 | 11,831,991 | 2.87 | 2.47 | 12.7% | 11.0% | |
23 | JPMCB | Dick’s Sporting Goods Portfolio | 1,701,014 | 3,124,197 | 4,846,626 | 1,685,546 | 3,161,080 | 4,708,645 | 1,488,305 | 3,220,340 | 06/30/16 | 95.0% | 4,784,906 | 1,854,800 | 2,930,105 | 300,874 | 2,629,231 | 1.56 | 1.40 | 9.5% | 8.5% | |
23.01 | JPMCB | Dick’s Keene | 89,965 | 726,479 | 830,411 | 95,398 | 735,013 | 851,251 | 93,164 | 758,087 | 06/30/16 | 95.0% | 829,418 | 119,147 | 710,271 | 50,018 | 660,253 | |||||
23.02 | JPMCB | Dick’s Concord | 228,357 | 565,791 | 781,425 | 203,318 | 578,107 | 862,311 | 245,205 | 617,106 | 06/30/16 | 95.0% | 798,471 | 231,430 | 567,041 | 56,500 | 510,541 | |||||
23.03 | JPMCB | Dick’s Wichita | 94,456 | 607,696 | 702,203 | 94,338 | 607,865 | 655,991 | 47,646 | 608,345 | 06/30/16 | 95.0% | 671,483 | 113,998 | 557,485 | 53,658 | 503,827 | |||||
23.04 | JPMCB | Dick’s Bloomingdale | 871,107 | 548,873 | 1,417,694 | 869,611 | 548,083 | 1,173,014 | 620,274 | 552,740 | 06/30/16 | 95.0% | 1,409,875 | 941,876 | 467,999 | 55,000 | 412,999 | |||||
23.05 | JPMCB | Dick’s Fort Wayne | 381,215 | 418,873 | 826,805 | 391,169 | 435,636 | 819,653 | 383,508 | 436,145 | 06/30/16 | 95.0% | 786,144 | 409,898 | 376,246 | 63,000 | 313,246 | |||||
23.06 | JPMCB | PetSmart Concord | 35,914 | 256,485 | 288,088 | 31,712 | 256,376 | 346,425 | 98,508 | 247,917 | 06/30/16 | 95.0% | 289,515 | 38,450 | 251,064 | 22,698 | 228,366 | |||||
24 | LCF | Tech Ridge Office Park | 2,809,953 | 2,268,696 | 5,317,789 | 2,888,658 | 2,429,131 | 5,224,246 | 2,874,577 | 2,349,669 | 08/31/16 | 71.3% | 4,967,099 | 2,898,551 | 2,068,548 | 476,699 | 1,591,849 | 1.76 | 1.36 | 11.7% | 9.0% | |
25 | SMF VI | Twelve Oaks | 645,481 | 1,535,278 | 2,284,551 | 687,738 | 1,596,813 | 2,323,341 | 702,049 | 1,621,292 | 08/31/16 | 95.0% | 2,219,360 | 728,760 | 1,490,600 | 78,029 | 1,412,571 | 1.52 | 1.44 | 9.1% | 8.6% | |
26 | SMF VI | Market at Hilliard | 677,480 | 1,645,833 | 2,325,111 | 656,605 | 1,668,506 | 2,293,703 | 597,731 | 1,695,972 | 07/31/16 | 95.0% | 2,239,634 | 607,788 | 1,631,845 | 82,560 | 1,549,286 | 1.64 | 1.56 | 10.2% | 9.7% | |
27 | JPMCB | The Riviera | 1,107,038 | 1,205,521 | 2,360,319 | 1,180,517 | 1,179,802 | 2,470,892 | 1,281,116 | 1,189,776 | 08/31/16 | 87.8% | 2,728,784 | 1,199,953 | 1,528,830 | 71,250 | 1,457,580 | 1.51 | 1.44 | 9.9% | 9.4% | |
28 | JPMCB | HGI Kennesaw | 3,044,672 | 1,542,281 | 5,008,628 | 3,024,740 | 1,983,888 | 5,099,599 | 3,124,510 | 1,975,089 | 09/30/16 | 76.1% | 5,085,835 | 3,112,882 | 1,972,953 | 0 | 1,972,953 | 2.66 | 2.66 | 15.5% | 15.5% | |
29 | SMF VI | Buckhorn Plaza | 395,142 | 766,178 | 1,331,943 | 418,225 | 913,718 | 1,460,521 | 386,633 | 1,073,888 | 08/31/16 | 94.5% | 1,427,157 | 396,164 | 1,030,994 | 86,616 | 944,377 | 1.64 | 1.51 | 9.8% | 9.0% | |
30 | JPMCB | Timbergrove Heights | 92.7% | 1,260,534 | 450,457 | 810,077 | 19,000 | 791,077 | 1.27 | 1.24 | 7.9% | 7.7% | ||||||||||
31 | SMF VI | Home2 Suites Lubbock | 3,250,415 | 1,678,607 | 1,571,808 | 08/31/16 | 73.9% | 3,250,415 | 1,975,067 | 1,275,348 | 0 | 1,275,348 | 2.18 | 2.18 | 14.9% | 14.9% | ||||||
32 | SMF VI | Southwest Business Center | 229,593 | 691,137 | 972,279 | 173,274 | 799,005 | 1,081,960 | 183,604 | 898,356 | 09/30/16 | 84.5% | 951,343 | 194,650 | 756,692 | 50,398 | 706,295 | 1.52 | 1.42 | 10.1% | 9.4% | |
33 | SMF VI | Hinesville Central | 150,131 | 606,170 | 805,228 | 161,014 | 644,213 | 865,223 | 169,209 | 696,014 | 08/31/16 | 95.0% | 812,707 | 163,339 | 649,369 | 41,800 | 607,569 | 1.72 | 1.61 | 10.3% | 9.6% | |
34 | SMF VI | Presidents Industrial | 187,420 | 672,328 | 852,403 | 215,643 | 636,760 | 861,409 | 215,454 | 645,956 | 08/31/16 | 94.2% | 923,901 | 232,109 | 691,793 | 70,245 | 621,548 | 1.82 | 1.64 | 11.0% | 9.9% | |
35 | SMF VI | Holiday Inn Express Salina | 1,544,951 | 1,327,052 | 2,711,735 | 1,715,021 | 996,714 | 2,550,862 | 1,545,194 | 1,005,668 | 06/30/16 | 72.3% | 2,550,862 | 1,697,693 | 853,169 | 0 | 853,169 | 2.22 | 2.22 | 13.8% | 13.8% | |
36 | BSP | Townley Park Center Retail | 165,356 | 480,240 | 743,272 | 175,692 | 567,580 | 787,954 | 162,645 | 625,309 | 08/31/16 | 92.5% | 767,889 | 175,692 | 592,197 | 39,948 | 552,249 | 1.55 | 1.45 | 10.1% | 9.4% | |
37 | SMF VI | Hebron Heights | 162,518 | 267,776 | 485,235 | 186,140 | 299,095 | 94.4% | 742,978 | 219,610 | 523,368 | 25,264 | 498,104 | 1.50 | 1.43 | 9.3% | 8.8% | |||||
38 | SMF VI | West Hills Plaza | 285,664 | 550,363 | 819,904 | 253,803 | 566,101 | 855,292 | 288,536 | 566,756 | 08/31/16 | 90.6% | 847,881 | 292,530 | 555,351 | 78,100 | 477,252 | 1.71 | 1.47 | 11.4% | 9.8% | |
39 | LCF | Dollar General Dimmitt | 95.0% | 92,985 | 2,790 | 90,196 | 1,585 | 88,611 | 1.55 | 1.52 | 8.4% | 8.3% | ||||||||||
40 | LCF | Dollar General Jackson | 95.0% | 90,149 | 2,704 | 87,445 | 1,365 | 86,080 | 1.57 | 1.55 | 8.4% | 8.3% |
A-1-4 |
ANNEX A-1
UPFRONT ESCROW(18) | |||||||||||||||||
Ground Lease | Ground Lease | Upfront Capex | Upfront Engin. | Upfront Envir. | Upfront TI/LC | Upfront RE Tax | Upfront Ins. | Upfront Debt Service | Upfront Other | Other Upfront | |||||||
Loan # | Seller(1) | Property Name | Title Type(17) | Expiration | Extension Terms | PML % | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Description ($) | ||
1 | JPMCB | Hilton Hawaiian Village | Fee/Leasehold | 07/31/35 | None | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
2 | JPMCB | Fresno Fashion Fair Mall | Fee | 7% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
3 | JPMCB | 9 West 57th Street | Fee/Leasehold | 05/22/98 | None | 0 | 287,500 | 0 | 25,000,000 | 9,417,640 | 264,333 | 0 | 29,524,018 | Free Rent Reserve: 16,462,227.63; Outstanding TI/LC Reserve: 13,061,789.91 | |||
4 | JPMCB | Riverway | Fee | 14,485 | 81,825 | 0 | 108,640 | 360,173 | 0 | 0 | 7,256,297 | Outstanding TI/LC Reserve: 6,984,788; Free Rent Reserve: 271,509 | |||||
5 | JPMCB | Moffett Gateway | Fee | 15% | 0 | 0 | 0 | 0 | 180,864 | 0 | 0 | 86,961,915 | Outstanding TI/LC Reserve: 49,386,882; Free Rent Reserve: 37,575,033 | ||||
6 | JPMCB | Summit Mall | Fee | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
7 | JPMCB | North Hills Village | Fee/Leasehold | 09/30/46 | None | 0 | 0 | 802,000 | 2,600,000 | 350,579 | 33,166 | 0 | 491,997 | Outstanding TI/LC Reserve: 372,000; Free Rent Reserve: 71,997.32; Over Lease Reserve: 48,000 | |||
8 | JPMCB | Hotel Palomar San Diego | Fee | 8% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,641,974 | Renovation Reserve | ||||
9 | LCF | Redwood MHC Portfolio | Fee | 0 | 1,000,000 | 42,000 | 0 | 303,973 | 0 | 0 | 1,900,000 | Manufactured Home Setup Reserve: 1,000,000; Michigan Capex Reserve: 900,000 | |||||
9.01 | LCF | Camp Inn | Fee | ||||||||||||||
9.02 | LCF | Town & Country Estates | Fee | ||||||||||||||
9.03 | LCF | St. Clements Crossing | Fee | ||||||||||||||
9.04 | LCF | Algoma | Fee | ||||||||||||||
9.05 | LCF | Suburban Estates | Fee | ||||||||||||||
9.06 | LCF | Colonial Acres | Fee | ||||||||||||||
9.07 | LCF | Twenty Nine Pines | Fee | ||||||||||||||
9.08 | LCF | Evergreen Springs | Fee | ||||||||||||||
9.09 | LCF | Avalon | Fee | ||||||||||||||
9.10 | LCF | Lexington | Fee | ||||||||||||||
9.11 | LCF | Colonial Manor | Fee | ||||||||||||||
9.12 | LCF | Green Acres | Fee | �� | |||||||||||||
9.13 | LCF | Cedar Grove | Fee | ||||||||||||||
9.14 | LCF | Hunters Chase | Fee | ||||||||||||||
9.15 | LCF | Highland Bluff | Fee | ||||||||||||||
9.16 | LCF | Winter Paradise | Fee | ||||||||||||||
9.17 | LCF | Weststar | Fee | ||||||||||||||
9.18 | LCF | El Frontier | Fee | ||||||||||||||
10 | BSP | 925 Common | Leasehold | 09/30/49 | None | 0 | 0 | 0 | 0 | 225,385 | 191,265 | 0 | 822,499 | Unfunded Obligations Reserve: 700,000; Free Rent Reserve: 87,148.66; Ground Lease Reserve: 35,350.52 | |||
11 | BSP | International Plaza | Fee | 0 | 0 | 0 | 162,980 | 105,668 | 0 | 0 | 793,939 | Outstanding TI/LC Reserve: 574,620; Free Rent Reserve: 219,318.55 | |||||
12 | BSP | Everett Plaza | Fee | 10% | 0 | 10,000 | 0 | 150,000 | 43,031 | 19,787 | 0 | 0 | |||||
13 | JPMCB | Bilmar Beach Resort | Fee | 0 | 0 | 0 | 0 | 264,482 | 0 | 0 | 2,500,000 | Capital Improvements Reserve | |||||
14 | LCF | 1140 Avenue of the Americas | Leasehold | 12/31/66 | None | 0 | 0 | 0 | 961,116 | 342,123 | 0 | 0 | 828,282 | Free Rent Reserve: 712,266.25; Ground Rent Reserve: 116,016 | |||
15 | JPMCB | Fry 529 Retail Center | Fee | 1,917 | 0 | 0 | 4,167 | 456,713 | 6,042 | 0 | 388,954 | Outstanding TI/LC: 338,153.66; Rent Reserve: 50,800 | |||||
16 | SMF VI | Arroyo South Office | Leasehold | 01/15/57 | None | 0 | 1,250 | 0 | 0 | 25,390 | 0 | 0 | 0 | ||||
17 | JPMCB | PGA Financial Plaza | Fee | 1,436 | 0 | 0 | 10,000 | 47,447 | 0 | 0 | 499,545 | Outstanding TI/LC Reserve | |||||
18 | LCF | 80 Park Plaza | Fee | 4,500,000 | 0 | 0 | 1,500,000 | 906,128 | 35,304 | 0 | 1,422,745 | Unfunded TI/LC Reserve | |||||
19 | SMF VI | Walgreens Pool 3 | Fee | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
19.01 | SMF VI | Walgreens Bettendorf | Fee | ||||||||||||||
19.02 | SMF VI | Walgreens Security | Fee | ||||||||||||||
19.03 | SMF VI | Walgreens Mason City | Fee | ||||||||||||||
19.04 | SMF VI | Walgreens Fort Dodge | Fee | ||||||||||||||
19.05 | SMF VI | Walgreens Virginia Beach | Fee | ||||||||||||||
19.06 | SMF VI | Walgreens Granite City | Fee | ||||||||||||||
20 | SMF VI | Walgreens Pool 6 | Fee | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
20.01 | SMF VI | Walgreens Sioux City | Fee | ||||||||||||||
20.02 | SMF VI | Walgreens Des Moines | Fee | ||||||||||||||
20.03 | SMF VI | Walgreens Mesa | Fee | ||||||||||||||
20.04 | SMF VI | Walgreens Wichita | Fee | ||||||||||||||
20.05 | SMF VI | Walgreens Colorado Springs | Fee | ||||||||||||||
20.06 | SMF VI | Walgreens Casa Grande | Fee | ||||||||||||||
21 | BSP | Franklin Marketplace | Fee | 0 | 34,141 | 0 | 635,000 | 199,244 | 17,444 | 0 | 350,000 | Brightwood Reserve: 250,000; Free Rent Reserve: 100,000 | |||||
22 | JPMCB | Salesforce Tower | Fee | 4,250,420 | 0 | 0 | 138,140 | 2,338,627 | 0 | 0 | 28,978,312 | Outstanding TI/LC Reserve: 20,896,672; Free Rent Reserve: 8,081,640 | |||||
23 | JPMCB | Dick’s Sporting Goods Portfolio | Fee/Leasehold | 1,696 | 0 | 0 | 22,028 | 22,218 | 0 | 0 | 0 | ||||||
23.01 | JPMCB | Dick’s Keene | Fee | ||||||||||||||
23.02 | JPMCB | Dick’s Concord | Fee | ||||||||||||||
23.03 | JPMCB | Dick’s Wichita | Fee | ||||||||||||||
23.04 | JPMCB | Dick’s Bloomingdale | Leasehold | 01/31/27 | Four, five-year options | ||||||||||||
23.05 | JPMCB | Dick’s Fort Wayne | Leasehold | 01/31/50 | One, five-year option | ||||||||||||
23.06 | JPMCB | PetSmart Concord | Fee | ||||||||||||||
24 | LCF | Tech Ridge Office Park | Fee | 200,000 | 71,945 | 0 | 416,596 | 373,705 | 55,061 | 0 | 45,755 | Rent Concession Reserve | |||||
25 | SMF VI | Twelve Oaks | Fee | 0 | 0 | 0 | 275,000 | 22,539 | 45,188 | 0 | 358,800 | Publix Roof Reserve: 258,800; Suga Rossa Reserve:100,000 | |||||
26 | SMF VI | Market at Hilliard | Fee | 0 | 65,625 | 0 | 300,000 | 182,558 | 0 | 0 | 0 | ||||||
27 | JPMCB | The Riviera | Fee | 5,938 | 78,375 | 0 | 0 | 148,657 | 0 | 0 | 0 | ||||||
28 | JPMCB | HGI Kennesaw | Fee | 17,000 | 0 | 0 | 0 | 23,137 | 0 | 0 | 0 | ||||||
29 | SMF VI | Buckhorn Plaza | Fee | 0 | 0 | 0 | 0 | 71,389 | 0 | 0 | 75,000 | Panera Bread Reserve | |||||
30 | JPMCB | Timbergrove Heights | Fee | 1,584 | 0 | 0 | 0 | 0 | 0 | 0 | 500,000 | Occupancy Reserve | |||||
31 | SMF VI | Home2 Suites Lubbock | Fee | 0 | 0 | 0 | 0 | 162,066 | 35,102 | 0 | 0 | ||||||
32 | SMF VI | Southwest Business Center | Fee | 0 | 38,188 | 0 | 200,000 | 0 | 15,619 | 0 | 800,000 | Performance Reserve | |||||
33 | SMF VI | Hinesville Central | Fee | 0 | 0 | 0 | 250,000 | 68,149 | 24,366 | 0 | 0 | ||||||
34 | SMF VI | Presidents Industrial | Fee | 0 | 343,088 | 0 | 0 | 6,977 | 17,230 | 0 | 0 | ||||||
35 | SMF VI | Holiday Inn Express Salina | Fee | 0 | 0 | 0 | 0 | 75,033 | 0 | 0 | 0 | ||||||
36 | BSP | Townley Park Center Retail | Fee | 0 | 0 | 0 | 100,000 | 45,662 | 8,165 | 0 | 0 | ||||||
37 | SMF VI | Hebron Heights | Fee | 0 | 0 | 0 | 25,000 | 0 | 13,686 | 0 | 107,500 | BurgerFi Reserve: 67,500; Tropical Smoothie Reserve: 35,000; TCEQ IOP Reserve: 5,000 | |||||
38 | SMF VI | West Hills Plaza | Fee | 0 | 0 | 0 | 330,000 | 10,831 | 17,783 | 0 | 41,893 | Cato TI Reserve: 28,000; Spark Wireless Free Rent Reserve: 13,893 | |||||
39 | LCF | Dollar General Dimmitt | Fee | 0 | 0 | 0 | 0 | 17,962 | 0 | 0 | 0 | ||||||
40 | LCF | Dollar General Jackson | Fee | 7% | 0 | 0 | 0 | 0 | 4,000 | 0 | 0 | 0 |
A-1-5 |
ANNEX A-1
MONTHLY ESCROW(19) | RESERVE CAPS(20) | ||||||||||||||||||
Monthly Capex | Monthly Envir. | Monthly TI/LC | Monthly RE Tax | Monthly Ins. | Monthly Other | Other Monthly | CapEx | Envir. | TI/LC | RE Tax | Insur. | Debt Service | Other | ||||||
Loan # | Seller(1) | Property Name | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Description ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | |||
1 | JPMCB | Hilton Hawaiian Village | Springing | 0 | 0 | Springing | Springing | 0 | |||||||||||
2 | JPMCB | Fresno Fashion Fair Mall | Springing | 0 | Springing | Springing | Springing | 0 | 184,080 | 1,112,820 | |||||||||
3 | JPMCB | 9 West 57th Street | 61,615 | 0 | Springing | 3,139,213 | 88,111 | 0 | 2,500,000 | 25,000,000 | |||||||||
4 | JPMCB | Riverway | 14,485 | 0 | 108,640 | 895,380 | Springing | 0 | 869,100 | ||||||||||
5 | JPMCB | Moffett Gateway | 0 | 0 | 0 | 180,864 | Springing | 0 | |||||||||||
6 | JPMCB | Summit Mall | Springing | 0 | Springing | Springing | Springing | 0 | |||||||||||
7 | JPMCB | North Hills Village | 7,010 | 0 | Springing | 129,854 | 4,738 | Springing | Over Lease Reserve | ||||||||||
8 | JPMCB | Hotel Palomar San Diego | 4% of Gross Revenues | 0 | 0 | Springing | Springing | Springing | PIP Reserve | ||||||||||
9 | LCF | Redwood MHC Portfolio | 16,757 | 0 | 0 | 101,324 | Springing | 0 | 804,340 | ||||||||||
9.01 | LCF | Camp Inn | |||||||||||||||||
9.02 | LCF | Town & Country Estates | |||||||||||||||||
9.03 | LCF | St. Clements Crossing | |||||||||||||||||
9.04 | LCF | Algoma | |||||||||||||||||
9.05 | LCF | Suburban Estates | |||||||||||||||||
9.06 | LCF | Colonial Acres | |||||||||||||||||
9.07 | LCF | Twenty Nine Pines | |||||||||||||||||
9.08 | LCF | Evergreen Springs | |||||||||||||||||
9.09 | LCF | Avalon | |||||||||||||||||
9.10 | LCF | Lexington | |||||||||||||||||
9.11 | LCF | Colonial Manor | |||||||||||||||||
9.12 | LCF | Green Acres | |||||||||||||||||
9.13 | LCF | Cedar Grove | |||||||||||||||||
9.14 | LCF | Hunters Chase | |||||||||||||||||
9.15 | LCF | Highland Bluff | |||||||||||||||||
9.16 | LCF | Winter Paradise | |||||||||||||||||
9.17 | LCF | Weststar | |||||||||||||||||
9.18 | LCF | El Frontier | |||||||||||||||||
10 | BSP | 925 Common | 4,146 | 0 | 869 | 18,782 | 21,252 | 17,675 | Ground Lease Reserve | ||||||||||
11 | BSP | International Plaza | 4,671 | 0 | 40,869 | 105,668 | Springing | 0 | |||||||||||
12 | BSP | Everett Plaza | 2,012 | 0 | 11,068 | 21,516 | Springing | 0 | |||||||||||
13 | JPMCB | Bilmar Beach Resort | 4% of Gross Revenues | 0 | 0 | 24,044 | 39,713 | Springing | PIP Reserve; Condominium Assessments Reserve | ||||||||||
14 | LCF | 1140 Avenue of the Americas | Springing | 0 | Springing | 171,061 | Springing | 29,004 | Ground Rent Reserve | ||||||||||
15 | JPMCB | Fry 529 Retail Center | 1,917 | 0 | 4,167 | 37,410 | 6,042 | 0 | |||||||||||
16 | SMF VI | Arroyo South Office | 2,312 | 0 | 11,558 | 8,463 | Springing | Springing | Ground Lease Reserve; Major Tenant Reserve | 83,214 | 375,000 | ||||||||
17 | JPMCB | PGA Financial Plaza | 1,436 | 0 | 10,000 | 23,804 | Springing | 0 | 100,000 | 480,000 | |||||||||
18 | LCF | 80 Park Plaza | 16,012 | 0 | 40,029 | 302,043 | 17,652 | 0 | 1,000,000 | 1,000,000 | |||||||||
19 | SMF VI | Walgreens Pool 3 | Springing | 0 | 0 | Springing | Springing | Springing | Walgreens Lease Reserve | ||||||||||
19.01 | SMF VI | Walgreens Bettendorf | |||||||||||||||||
19.02 | SMF VI | Walgreens Security | |||||||||||||||||
19.03 | SMF VI | Walgreens Mason City | |||||||||||||||||
19.04 | SMF VI | Walgreens Fort Dodge | |||||||||||||||||
19.05 | SMF VI | Walgreens Virginia Beach | |||||||||||||||||
19.06 | SMF VI | Walgreens Granite City | |||||||||||||||||
20 | SMF VI | Walgreens Pool 6 | Springing | 0 | 0 | Springing | Springing | Springing | Walgreens Lease Reserve | ||||||||||
20.01 | SMF VI | Walgreens Sioux City | |||||||||||||||||
20.02 | SMF VI | Walgreens Des Moines | |||||||||||||||||
20.03 | SMF VI | Walgreens Mesa | |||||||||||||||||
20.04 | SMF VI | Walgreens Wichita | |||||||||||||||||
20.05 | SMF VI | Walgreens Colorado Springs | |||||||||||||||||
20.06 | SMF VI | Walgreens Casa Grande | |||||||||||||||||
21 | BSP | Franklin Marketplace | 2,793 | 0 | 15,827 | 28,463 | 6,044 | 0 | |||||||||||
22 | JPMCB | Salesforce Tower | 18,420 | 0 | 138,140 | 401,600 | Springing | 0 | |||||||||||
23 | JPMCB | Dick’s Sporting Goods Portfolio | 1,696 | 0 | 22,028 | 11,109 | 0 | Springing | Ground Rent Reserve; Condominium Assessments Reserve | 1,000,000 | |||||||||
23.01 | JPMCB | Dick’s Keene | |||||||||||||||||
23.02 | JPMCB | Dick’s Concord | |||||||||||||||||
23.03 | JPMCB | Dick’s Wichita | |||||||||||||||||
23.04 | JPMCB | Dick’s Bloomingdale | |||||||||||||||||
23.05 | JPMCB | Dick’s Fort Wayne | |||||||||||||||||
23.06 | JPMCB | PetSmart Concord | |||||||||||||||||
24 | LCF | Tech Ridge Office Park | 11,389 | 0 | 26,512 | 37,371 | 7,866 | 0 | 1,640,000 | ||||||||||
25 | SMF VI | Twelve Oaks | 1,230 | 0 | Springing | 22,539 | 3,766 | 0 | 275,000 | ||||||||||
26 | SMF VI | Market at Hilliard | 1,440 | 0 | 14,403 | 26,080 | Springing | 0 | 800,000 | ||||||||||
27 | JPMCB | The Riviera | 5,938 | 0 | 0 | 30,382 | Springing | 0 | |||||||||||
28 | JPMCB | HGI Kennesaw | 4% of Gross Revenues | 0 | 0 | 9,046 | Springing | Springing | PIP Reserve; Extension PIP Reserve | ||||||||||
29 | SMF VI | Buckhorn Plaza | 1,085 | 0 | 7,236 | 13,231 | Springing | 0 | 350,000 | ||||||||||
30 | JPMCB | Timbergrove Heights | 1,584 | 0 | 0 | 17,582 | Springing | 0 | |||||||||||
31 | SMF VI | Home2 Suites Lubbock | 4% of Gross Revenues | 0 | 0 | 14,733 | 2,700 | 0 | |||||||||||
32 | SMF VI | Southwest Business Center | 975 | 0 | 3,221 | 3,890 | 1,562 | 0 | 80,000 | 400,000 | |||||||||
33 | SMF VI | Hinesville Central | 0 | 0 | Springing | 5,679 | 1,879 | 0 | 250,000 | ||||||||||
34 | SMF VI | Presidents Industrial | 1,336 | 0 | 4,740 | 6,977 | 2,462 | 0 | 162,650 | ||||||||||
35 | SMF VI | Holiday Inn Express Salina | 4% of Gross Revenues | 0 | 0 | 12,506 | Springing | 0 | 1,585,000 | ||||||||||
36 | BSP | Townley Park Center Retail | 555 | 0 | 2,775 | 4,566 | 907 | 0 | 19,980 | 175,000 | |||||||||
37 | SMF VI | Hebron Heights | 602 | 0 | 1,504 | 9,168 | 2,488 | 0 | |||||||||||
38 | SMF VI | West Hills Plaza | 0 | 0 | Springing | 5,416 | 4,227 | 0 | 165,000 | ||||||||||
39 | LCF | Dollar General Dimmitt | 0 | 0 | 0 | 2,245 | Springing | 0 | |||||||||||
40 | LCF | Dollar General Jackson | 0 | 0 | 0 | 333 | Springing | 0 |
A-1-6 |
ANNEX A-1
LARGEST TENANT(3), (21), (22), (23) | 2nd LARGEST TENANT(3), (21), (22), (23) | 3rd LARGEST TENANT(3), (21), (22), (23) | 4th LARGEST TENANT(3), (21), (22), (23) | |||||||||||||||||
Single | Lease | Lease | Lease | Lease | ||||||||||||||||
Loan # | Seller(1) | Property Name | Tenant | Largest Tenant | Unit Size | Expiration | 2nd Largest Tenant | Unit Size | Expiration | 3rd Largest Tenant | Unit Size | Expiration | 4th Largest Tenant | Unit Size | Expiration | |||||
1 | JPMCB | Hilton Hawaiian Village | No | |||||||||||||||||
2 | JPMCB | Fresno Fashion Fair Mall | No | JCPenney | 153,769 | 11/30/17 | Victoria’s Secret | 14,530 | 01/31/27 | Love Culture | 14,135 | 10/31/20 | Bank of the West | 14,114 | 12/31/18 | |||||
3 | JPMCB | 9 West 57th Street | No | Kohlberg, Kravis, Roberts & Co. | 196,124 | 12/31/20 | Chanel Inc. | 185,120 | 05/31/31 | Apollo Management Holdings, L.P. | 111,194 | 04/30/20 | Och Ziff Management LP | 95,200 | 12/31/29 | |||||
4 | JPMCB | Riverway | No | U.S. Foods | 320,341 | 09/30/23 | Central States Pension Fund | 190,077 | 12/31/19 | Culligan International Company | 53,133 | 12/31/21 | The NPD Group Inc. | 38,917 | 03/31/20 | |||||
5 | JPMCB | Moffett Gateway | Yes | 612,691 | 03/31/27 | |||||||||||||||
6 | JPMCB | Summit Mall | No | Macy’s | 195,776 | 10/24/20 | Goodyear | 11,732 | 06/30/31 | Gap | 9,532 | 01/31/18 | Express | 8,500 | 01/31/21 | |||||
7 | JPMCB | North Hills Village | No | Target | 127,466 | 01/31/27 | Burlington Coat Factory | 110,000 | 05/31/20 | Kohl’s | 93,000 | 02/02/19 | Kuhns | 53,000 | 04/30/19 | |||||
8 | JPMCB | Hotel Palomar San Diego | No | |||||||||||||||||
9 | LCF | Redwood MHC Portfolio | No | |||||||||||||||||
9.01 | LCF | Camp Inn | No | |||||||||||||||||
9.02 | LCF | Town & Country Estates | No | |||||||||||||||||
9.03 | LCF | St. Clements Crossing | No | |||||||||||||||||
9.04 | LCF | Algoma | No | |||||||||||||||||
9.05 | LCF | Suburban Estates | No | |||||||||||||||||
9.06 | LCF | Colonial Acres | No | |||||||||||||||||
9.07 | LCF | Twenty Nine Pines | No | |||||||||||||||||
9.08 | LCF | Evergreen Springs | No | |||||||||||||||||
9.09 | LCF | Avalon | No | |||||||||||||||||
9.10 | LCF | Lexington | No | |||||||||||||||||
9.11 | LCF | Colonial Manor | No | |||||||||||||||||
9.12 | LCF | Green Acres | No | |||||||||||||||||
9.13 | LCF | Cedar Grove | No | |||||||||||||||||
9.14 | LCF | Hunters Chase | No | |||||||||||||||||
9.15 | LCF | Highland Bluff | No | |||||||||||||||||
9.16 | LCF | Winter Paradise | No | |||||||||||||||||
9.17 | LCF | Weststar | No | |||||||||||||||||
9.18 | LCF | El Frontier | No | |||||||||||||||||
10 | BSP | 925 Common | No | |||||||||||||||||
11 | BSP | International Plaza | No | Newscycle Solutions, Inc. | 36,355 | 01/31/22 | Cisco Systems | 18,344 | 06/30/20 | OffiCenters | 16,814 | 01/31/24 | FCS Building Association | 13,984 | 09/30/25 | |||||
12 | BSP | Everett Plaza | No | Michaels | 21,859 | 02/28/18 | Petco | 13,924 | 05/31/24 | Pier 1 Imports | 10,020 | 01/31/18 | Half Price Books | 8,420 | 12/31/19 | |||||
13 | JPMCB | Bilmar Beach Resort | No | |||||||||||||||||
14 | LCF | 1140 Avenue of the Americas | No | City National Bank | 30,359 | 06/30/23 | Waterfall Asset Management | 25,500 | 08/31/22 | Office Space Solutions, Inc. | 23,800 | 08/31/21 | P\S\L Group America Limited | 20,113 | 01/31/21 | |||||
15 | JPMCB | Fry 529 Retail Center | No | Fiesta Mart | 60,000 | 01/31/35 | Goodwill | 20,460 | 05/31/30 | Rodeo Dental | 6,896 | 05/31/25 | Fiesta Liquors Inc | 5,000 | 01/31/20 | |||||
16 | SMF VI | Arroyo South Office | No | Everi | 58,591 | 04/30/23 | Global Experience Specialists | 32,929 | 07/31/19 | Pulte Homes | 20,966 | 02/28/23 | CBS Radio Stations | 17,500 | 10/31/21 | |||||
17 | JPMCB | PGA Financial Plaza | No | Wells Fargo | 17,382 | 09/30/22 | JPMorgan Chase Bank, National Association | 13,085 | 11/30/23 | Raymond James & Associates, Inc. | 7,763 | 03/31/23 | Hicks Motto & Ehrlich | 7,752 | 07/31/23 | |||||
18 | LCF | 80 Park Plaza | No | PSEG Services Corporation | 824,124 | 09/30/30 | ||||||||||||||
19 | SMF VI | Walgreens Pool 3 | Yes | |||||||||||||||||
19.01 | SMF VI | Walgreens Bettendorf | Yes | Walgreens | 15,120 | 01/31/77 | ||||||||||||||
19.02 | SMF VI | Walgreens Security | Yes | Walgreens | 13,905 | 01/31/77 | ||||||||||||||
19.03 | SMF VI | Walgreens Mason City | Yes | Walgreens | 15,120 | 01/31/77 | ||||||||||||||
19.04 | SMF VI | Walgreens Fort Dodge | Yes | Walgreens | 15,120 | 01/31/77 | ||||||||||||||
19.05 | SMF VI | Walgreens Virginia Beach | Yes | Walgreens | 13,895 | 01/31/77 | ||||||||||||||
19.06 | SMF VI | Walgreens Granite City | Yes | Walgreens | 16,380 | 01/31/77 | ||||||||||||||
20 | SMF VI | Walgreens Pool 6 | Yes | |||||||||||||||||
20.01 | SMF VI | Walgreens Sioux City | Yes | Walgreens | 15,120 | 01/31/77 | ||||||||||||||
20.02 | SMF VI | Walgreens Des Moines | Yes | Walgreens | 15,795 | 01/31/77 | ||||||||||||||
20.03 | SMF VI | Walgreens Mesa | Yes | Walgreens | 15,120 | 01/31/77 | ||||||||||||||
20.04 | SMF VI | Walgreens Wichita | Yes | Walgreens | 15,120 | 01/31/77 | ||||||||||||||
20.05 | SMF VI | Walgreens Colorado Springs | Yes | Walgreens | 13,905 | 01/31/77 | ||||||||||||||
20.06 | SMF VI | Walgreens Casa Grande | Yes | Walgreens | 16,380 | 01/31/77 | ||||||||||||||
21 | BSP | Franklin Marketplace | No | Virginia College, LLC | 49,128 | 09/30/24 | Big Lots | 30,149 | 01/31/18 | 2nd Ave Value Stores | 22,878 | 12/31/26 | Harbor Freight Tools | 15,000 | 07/31/19 | |||||
22 | JPMCB | Salesforce Tower | No | Salesforce.com, Inc. | 247,099 | 06/30/30 | JPMorgan Chase Bank, National Association | 202,305 | 06/30/25 | Bose McKinney & Evans, LLP | 103,461 | 09/30/21 | Ernst & Young U.S. LLP | 37,487 | 09/30/23 | |||||
23 | JPMCB | Dick’s Sporting Goods Portfolio | Yes | |||||||||||||||||
23.01 | JPMCB | Dick’s Keene | Yes | Dick’s Sporting Goods | 45,471 | 10/31/20 | ||||||||||||||
23.02 | JPMCB | Dick’s Concord | Yes | Dick’s Sporting Goods | 50,000 | 01/31/21 | ||||||||||||||
23.03 | JPMCB | Dick’s Wichita | Yes | Dick’s Sporting Goods | 48,780 | 03/31/23 | ||||||||||||||
23.04 | JPMCB | Dick’s Bloomingdale | Yes | Dick’s Sporting Goods | 50,000 | 01/31/22 | ||||||||||||||
23.05 | JPMCB | Dick’s Fort Wayne | Yes | Dick’s Sporting Goods | 50,000 | 08/31/24 | ||||||||||||||
23.06 | JPMCB | PetSmart Concord | Yes | PetSmart | 20,087 | 05/31/26 | ||||||||||||||
24 | LCF | Tech Ridge Office Park | No | iPacesetters | 52,313 | 01/31/19 | Auduban Field Services | 18,839 | 05/31/19 | State of Oklahoma-DHS | 16,255 | 06/30/17 | Fellers | 13,769 | 12/31/19 | |||||
25 | SMF VI | Twelve Oaks | No | Publix | 47,955 | 04/12/20 | Pier 1 Imports | 9,560 | 02/28/25 | LensCrafters | 5,883 | 12/31/19 | Bonefish Grill | 5,000 | 11/30/21 | |||||
26 | SMF VI | Market at Hilliard | No | Michaels | 21,517 | 08/31/19 | Bed Bath & Beyond | 20,000 | 01/31/19 | OfficeMax | 19,961 | 03/31/21 | Old Navy | 16,800 | 08/31/19 | |||||
27 | JPMCB | The Riviera | No | |||||||||||||||||
28 | JPMCB | HGI Kennesaw | No | |||||||||||||||||
29 | SMF VI | Buckhorn Plaza | No | Marshalls | 19,910 | 05/31/25 | Dollar Tree | 10,260 | 03/31/20 | Olive Garden | 7,537 | 02/28/23 | Shoe Depot | 7,200 | 12/31/19 | |||||
30 | JPMCB | Timbergrove Heights | No | |||||||||||||||||
31 | SMF VI | Home2 Suites Lubbock | No | |||||||||||||||||
32 | SMF VI | Southwest Business Center | No | Office Furniture Concept | 16,900 | 09/30/21 | Order Inn | 8,686 | 07/31/17 | Super Summer Theater | 7,028 | 05/31/20 | Glass Mountain Capital, LLC | 4,998 | 05/31/19 | |||||
33 | SMF VI | Hinesville Central | No | Hibbett Sporting Goods | 7,440 | 07/31/25 | Shoe Show | 5,000 | 07/31/20 | Cato | 4,160 | 01/31/21 | Beauty Mecca Beauty Supplies | 3,200 | 01/31/18 | |||||
34 | SMF VI | Presidents Industrial | No | Pepperidge Farms | 12,960 | 01/29/17 | Jackson’s Gymnastics | 12,960 | 05/31/17 | International Insulation Products, LLC | 8,640 | 12/31/17 | THE STG GROUP | 7,776 | 06/30/18 | |||||
35 | SMF VI | Holiday Inn Express Salina | No | |||||||||||||||||
36 | BSP | Townley Park Center Retail | No | Sherwin Williams | 4,500 | 12/31/17 | Snap Fitness | 3,987 | 02/28/17 | El Mariachi | 3,119 | 12/31/20 | Integrity Staffing Solutions, Inc. | 2,985 | 01/31/18 | |||||
37 | SMF VI | Hebron Heights | No | Pet Supplies Plus | 9,000 | 07/31/26 | La Vista | 4,150 | 04/30/19 | BurgerFi | 2,700 | 11/30/26 | Italian Villa | 2,500 | 01/31/18 | |||||
38 | SMF VI | West Hills Plaza | No | Fred’s | 22,000 | 01/31/19 | Save-A-Lot | 18,400 | 09/30/21 | CitiTrends | 14,625 | 02/28/21 | Golden Beauty | 14,500 | 05/31/19 | |||||
39 | LCF | Dollar General Dimmitt | Yes | Dollar General | 10,566 | 03/31/31 | ||||||||||||||
40 | LCF | Dollar General Jackson | Yes | Dollar General | 9,100 | 05/31/31 |
A-1-7 |
ANNEX A-1
5th LARGEST TENANT(3), (21), (22), (23) | Pari Passu Debt | ||||||||||||||
Pari Passu | Pari Passu | ||||||||||||||
Lease | Loan | Lockbox | Lockbox | Pari Passu | Note Control | Piece In Trust | |||||||||
Loan # | Seller(1) | Property Name | 5th Largest Tenant | Unit Size | Expiration | Purpose | Principal / Carveout Guarantor(24) | (Y/N) | Type(25) | (Y/N) | (Y/N)(26) | Cut-Off Balance | |||
1 | JPMCB | Hilton Hawaiian Village | Refinance | Park Intermediate Holdings LLC | Yes | CMA | Yes | No | 94,000,000 | ||||||
2 | JPMCB | Fresno Fashion Fair Mall | Anthropologie | 10,928 | 10/01/17 | Recapitalization | The Macerich Partnership, L.P. | Yes | CMA | Yes | No | 80,000,000 | |||
3 | JPMCB | 9 West 57th Street | Tiger Global Management LLC | 43,490 | 07/31/24 | Refinance | Sheldon H. Solow | Yes | CMA | Yes | No | 63,000,000 | |||
4 | JPMCB | Riverway | Appleton GRP LLC | 38,003 | 07/31/21 | Acquisition | Adventus Holdings LP | Yes | CMA | Yes | Yes | 63,000,000 | |||
5 | JPMCB | Moffett Gateway | Refinance | Joseph K. Paul, Jay Paul Revocable Living Trust Dated November 9, 1999, as Amended and Restated on March 19, 2010, Paul Guarantor LLC | Yes | Hard | Yes | Yes | 60,000,000 | ||||||
6 | JPMCB | Summit Mall | Versona Accessories | 8,000 | 01/31/24 | Refinance | Simon Property Group, L.P. | Yes | CMA | Yes | Yes | 50,000,000 | |||
7 | JPMCB | North Hills Village | Best Buy | 46,855 | 01/31/19 | Refinance | Ira J. Gumberg | Yes | Hard | No | NAP | NAP | |||
8 | JPMCB | Hotel Palomar San Diego | Refinance | KHP Fund II, L.P. | Yes | CMA | No | NAP | NAP | ||||||
9 | LCF | Redwood MHC Portfolio | Refinance | Ross H. Partrich | Yes | Springing | Yes | No | 37,000,000 | ||||||
9.01 | LCF | Camp Inn | |||||||||||||
9.02 | LCF | Town & Country Estates | |||||||||||||
9.03 | LCF | St. Clements Crossing | |||||||||||||
9.04 | LCF | Algoma | |||||||||||||
9.05 | LCF | Suburban Estates | |||||||||||||
9.06 | LCF | Colonial Acres | |||||||||||||
9.07 | LCF | Twenty Nine Pines | |||||||||||||
9.08 | LCF | Evergreen Springs | |||||||||||||
9.09 | LCF | Avalon | |||||||||||||
9.10 | LCF | Lexington | |||||||||||||
9.11 | LCF | Colonial Manor | |||||||||||||
9.12 | LCF | Green Acres | |||||||||||||
9.13 | LCF | Cedar Grove | |||||||||||||
9.14 | LCF | Hunters Chase | |||||||||||||
9.15 | LCF | Highland Bluff | |||||||||||||
9.16 | LCF | Winter Paradise | |||||||||||||
9.17 | LCF | Weststar | |||||||||||||
9.18 | LCF | El Frontier | |||||||||||||
10 | BSP | 925 Common | Refinance | Emanuel Organek, Marc Blumberg | Yes | Springing | No | NAP | NAP | ||||||
11 | BSP | International Plaza | Scholarship America, Inc. | 9,997 | 03/31/25 | Refinance | Bruce Timm, Lakeridge Land, L.P. | Yes | CMA | No | NAP | NAP | |||
12 | BSP | Everett Plaza | Denallis Mediterranean Fusion | 8,168 | 10/31/21 | Refinance | Alan C. Fox | Yes | Springing | No | NAP | NAP | |||
13 | JPMCB | Bilmar Beach Resort | Acquisition | Kline Hotel Holdings, LLC | Yes | CMA | No | NAP | NAP | ||||||
14 | LCF | 1140 Avenue of the Americas | Trilogy Global | 12,750 | 11/30/24 | Acquisition | New York City Operating Partnership, L.P. | Yes | Hard | Yes | No | 24,000,000 | |||
15 | JPMCB | Fry 529 Retail Center | Familia Care, Inc. | 4,858 | 07/31/20 | Refinance | John D. Long, Jr. | Yes | Springing | No | NAP | NAP | |||
16 | SMF VI | Arroyo South Office | Lyft, Inc. | 3,721 | 12/01/21 | Refinance | EJM Development Co. | Yes | Springing | No | NAP | NAP | |||
17 | JPMCB | PGA Financial Plaza | Retina Care Specialists | 6,879 | 12/31/21 | Refinance | Charles M. Bayer, Jr. | Yes | Springing | No | NAP | NAP | |||
18 | LCF | 80 Park Plaza | Acquisition | Elchonon Schwartz, Simon Glick | Yes | Hard | Yes | No | 20,500,000 | ||||||
19 | SMF VI | Walgreens Pool 3 | Refinance | John E. Gross | Yes | Springing | No | NAP | NAP | ||||||
19.01 | SMF VI | Walgreens Bettendorf | |||||||||||||
19.02 | SMF VI | Walgreens Security | |||||||||||||
19.03 | SMF VI | Walgreens Mason City | |||||||||||||
19.04 | SMF VI | Walgreens Fort Dodge | |||||||||||||
19.05 | SMF VI | Walgreens Virginia Beach | |||||||||||||
19.06 | SMF VI | Walgreens Granite City | |||||||||||||
20 | SMF VI | Walgreens Pool 6 | Refinance | John E. Gross | Yes | Springing | No | NAP | NAP | ||||||
20.01 | SMF VI | Walgreens Sioux City | |||||||||||||
20.02 | SMF VI | Walgreens Des Moines | |||||||||||||
20.03 | SMF VI | Walgreens Mesa | |||||||||||||
20.04 | SMF VI | Walgreens Wichita | |||||||||||||
20.05 | SMF VI | Walgreens Colorado Springs | |||||||||||||
20.06 | SMF VI | Walgreens Casa Grande | |||||||||||||
21 | BSP | Franklin Marketplace | Dollar Tree | 14,826 | 08/31/21 | Acquisition | Moses Berger | Yes | CMA | No | NAP | NAP | |||
22 | JPMCB | Salesforce Tower | Ogletree, Deakins, Nash, Smoak & Stewart, P.C. | 36,573 | 06/30/22 | Acquisition | William Z. Hertz, Isaac Hertz, Sarah Hertz | Yes | Hard | Yes | No | 18,000,000 | |||
23 | JPMCB | Dick’s Sporting Goods Portfolio | Refinance | NRFC NNN Holdings, LLC | Yes | CMA | Yes | Yes | 17,976,072 | ||||||
23.01 | JPMCB | Dick’s Keene | |||||||||||||
23.02 | JPMCB | Dick’s Concord | |||||||||||||
23.03 | JPMCB | Dick’s Wichita | |||||||||||||
23.04 | JPMCB | Dick’s Bloomingdale | |||||||||||||
23.05 | JPMCB | Dick’s Fort Wayne | |||||||||||||
23.06 | JPMCB | PetSmart Concord | |||||||||||||
24 | LCF | Tech Ridge Office Park | The Key Group | 12,812 | 07/31/21 | Refinance | Kamyar Mateen, Shervin Mateen | Yes | Hard | No | NAP | NAP | |||
25 | SMF VI | Twelve Oaks | Mattress Firm | 4,032 | 06/30/17 | Refinance | David Garfunkel | Yes | Springing | No | NAP | NAP | |||
26 | SMF VI | Market at Hilliard | Famous Footwear | 6,542 | 10/31/19 | Refinance | MB REIT (Florida), Inc. | Yes | Springing | No | NAP | NAP | |||
27 | JPMCB | The Riviera | Refinance | Swapnil Agarwal | Yes | Springing | No | NAP | NAP | ||||||
28 | JPMCB | HGI Kennesaw | Refinance | Mitch (Mitul) Patel | Yes | Springing | No | NAP | NAP | ||||||
29 | SMF VI | Buckhorn Plaza | Gourmet Buffet Restaurant | 6,840 | 03/31/20 | Refinance | MB REIT (Florida), Inc. | Yes | Springing | No | NAP | NAP | |||
30 | JPMCB | Timbergrove Heights | Refinance | Scott Leichtenberg | Yes | Springing | No | NAP | NAP | ||||||
31 | SMF VI | Home2 Suites Lubbock | Refinance | Philip A. McCrae | Yes | Springing | No | NAP | NAP | ||||||
32 | SMF VI | Southwest Business Center | Chrisbarry, Inc | 4,766 | 12/31/18 | Refinance | Brian Heller, Augustus Tagliaferri | Yes | Springing | No | NAP | NAP | |||
33 | SMF VI | Hinesville Central | GameStop | 3,000 | 02/29/20 | Refinance | David Garfunkel | Yes | Springing | No | NAP | NAP | |||
34 | SMF VI | Presidents Industrial | Wartsila Funa International, Inc. | 7,668 | 04/30/22 | Acquisition | Jeffrey Katke, Daniel Culler, Richard Kent, John J. Souza, M. Carolyn Souza, John R. Collins, Rick E. Van Velden | Yes | Springing | No | NAP | NAP | |||
35 | SMF VI | Holiday Inn Express Salina | Refinance | Larry-Bharat Patel | Yes | Springing | No | NAP | NAP | ||||||
36 | BSP | Townley Park Center Retail | A&W Restaurants | 2,750 | 11/30/24 | Refinance | Dennis R. Anderson | Yes | Springing | No | NAP | NAP | |||
37 | SMF VI | Hebron Heights | Spice & Rice Indian Groceries | 2,450 | 04/30/19 | Acquisition | Shopoff Commercial Growth & Income Fund II, L.P., Allen Honse, Yvonne Honse, Clayton Lee, Lorrie Lee | Yes | Springing | No | NAP | NAP | |||
38 | SMF VI | West Hills Plaza | Shoe Show | 9,750 | 05/31/21 | Refinance | Samuel W. Sharp | Yes | Springing | No | NAP | NAP | |||
39 | LCF | Dollar General Dimmitt | Acquisition | Ladder Capital CRE Equity LLC | Yes | Hard | No | NAP | NAP | ||||||
40 | LCF | Dollar General Jackson | Acquisition | Ladder Capital CRE Equity LLC | Yes | Hard | No | NAP | NAP |
A-1-8 |
ANNEX A-1
Pari Passu Debt | Additional Debt | Total Debt | HOTEL OPERATING STATISTICS | |||||||||||||||||
Pari Passu | Total Cut-off | Additional | Total Debt | Total Debt | ||||||||||||||||
Piece Non Trust | Date Pari | Addit Debt | Addit Debt | Additional | Debt Cut off | Additional Debt | Total Debt | UW NCF | Total Debt | UW NOI | 2013 | 2013 | 2013 | |||||||
Loan # | Seller(1) | Property Name | Cut-Off Balance | Passu Debt | Permitted (Y/N) | Exist (Y/N)(27) | Debt Type(s) | Date Balance | Interest Rate | Cut-off Balance | DSCR | Current LTV % | Debt Yield % | Occupancy % | ADR ($) | RevPAR ($) | ||||
1 | JPMCB | Hilton Hawaiian Village | 602,600,000 | 696,600,000 | No | Yes | Subordinate Debt | 578,400,000 | 4.19950 | 1,275,000,000 | 2.44 | 57.2% | 10.4% | 89.9% | 247.48 | 222.57 | ||||
2 | JPMCB | Fresno Fashion Fair Mall | 245,000,000 | 325,000,000 | No | No | NAP | NAP | NAP | 325,000,000 | 2.14 | 57.5% | 8.1% | |||||||
3 | JPMCB | 9 West 57th Street | 950,724,000 | 1,013,724,000 | Yes | Yes | Subordinate Debt/Permitted Mezzanine | 186,276,000 | 2.85950 | 1,200,000,000 | 3.08 | 35.3% | 9.0% | |||||||
4 | JPMCB | Riverway | 65,000,000 | 128,000,000 | No | No | NAP | NAP | NAP | 128,000,000 | 1.42 | 72.6% | 10.3% | |||||||
5 | JPMCB | Moffett Gateway | 183,000,000 | 243,000,000 | No | Yes | B-Note (102,000,000)/Mezzanine Loan (50,000,000) | 152,000,000 | 5.44408 | 395,000,000 | 1.22 | 75.2% | 7.3% | |||||||
6 | JPMCB | Summit Mall | 35,000,000 | 85,000,000 | No | No | NAP | NAP | NAP | 85,000,000 | 4.50 | 41.5% | 15.8% | |||||||
7 | JPMCB | North Hills Village | NAP | NAP | No | Yes | B-Note | 9,500,000 | 10.25000 | 53,600,000 | 1.14 | 79.4% | 8.3% | |||||||
8 | JPMCB | Hotel Palomar San Diego | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | 79.6% | 184.58 | 146.90 | ||||
9 | LCF | Redwood MHC Portfolio | 59,000,000 | 96,000,000 | Yes | No | Permitted Mezzanine | NAP | NAP | 96,000,000 | 1.38 | 71.8% | 8.2% | |||||||
9.01 | LCF | Camp Inn | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.02 | LCF | Town & Country Estates | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.03 | LCF | St. Clements Crossing | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.04 | LCF | Algoma | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.05 | LCF | Suburban Estates | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.06 | LCF | Colonial Acres | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.07 | LCF | Twenty Nine Pines | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.08 | LCF | Evergreen Springs | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.09 | LCF | Avalon | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.10 | LCF | Lexington | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.11 | LCF | Colonial Manor | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.12 | LCF | Green Acres | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.13 | LCF | Cedar Grove | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.14 | LCF | Hunters Chase | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.15 | LCF | Highland Bluff | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.16 | LCF | Winter Paradise | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.17 | LCF | Weststar | 1.38 | 71.8% | 8.2% | |||||||||||||||
9.18 | LCF | El Frontier | 1.38 | 71.8% | 8.2% | |||||||||||||||
10 | BSP | 925 Common | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
11 | BSP | International Plaza | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
12 | BSP | Everett Plaza | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
13 | JPMCB | Bilmar Beach Resort | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 78.1% | 133.38 | 104.20 | ||||
14 | LCF | 1140 Avenue of the Americas | 75,000,000 | 99,000,000 | No | No | NAP | NAP | NAP | 99,000,000 | 2.16 | 55.0% | 9.6% | |||||||
15 | JPMCB | Fry 529 Retail Center | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
16 | SMF VI | Arroyo South Office | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
17 | JPMCB | PGA Financial Plaza | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
18 | LCF | 80 Park Plaza | 112,500,000 | 133,000,000 | Yes | No | Permitted Mezzanine | NAP | NAP | 133,000,000 | 1.52 | 75.0% | 9.4% | |||||||
19 | SMF VI | Walgreens Pool 3 | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
19.01 | SMF VI | Walgreens Bettendorf | NAP | NAP | NAP | |||||||||||||||
19.02 | SMF VI | Walgreens Security | NAP | NAP | NAP | |||||||||||||||
19.03 | SMF VI | Walgreens Mason City | NAP | NAP | NAP | |||||||||||||||
19.04 | SMF VI | Walgreens Fort Dodge | NAP | NAP | NAP | |||||||||||||||
19.05 | SMF VI | Walgreens Virginia Beach | NAP | NAP | NAP | |||||||||||||||
19.06 | SMF VI | Walgreens Granite City | NAP | NAP | NAP | |||||||||||||||
20 | SMF VI | Walgreens Pool 6 | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
20.01 | SMF VI | Walgreens Sioux City | NAP | NAP | NAP | |||||||||||||||
20.02 | SMF VI | Walgreens Des Moines | NAP | NAP | NAP | |||||||||||||||
20.03 | SMF VI | Walgreens Mesa | NAP | NAP | NAP | |||||||||||||||
20.04 | SMF VI | Walgreens Wichita | NAP | NAP | NAP | |||||||||||||||
20.05 | SMF VI | Walgreens Colorado Springs | NAP | NAP | NAP | |||||||||||||||
20.06 | SMF VI | Walgreens Casa Grande | NAP | NAP | NAP | |||||||||||||||
21 | BSP | Franklin Marketplace | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
22 | JPMCB | Salesforce Tower | 90,000,000 | 108,000,000 | No | Yes | Mezzanine Loan | 24,029,583 | 7.25000 | 132,029,583 | 1.41 | 72.9% | 10.4% | |||||||
23 | JPMCB | Dick’s Sporting Goods Portfolio | 12,982,719 | 30,958,791 | No | No | NAP | NAP | NAP | 30,958,791 | 1.40 | 70.8% | 9.5% | |||||||
23.01 | JPMCB | Dick’s Keene | 1.40 | 70.8% | 9.5% | |||||||||||||||
23.02 | JPMCB | Dick’s Concord | 1.40 | 70.8% | 9.5% | |||||||||||||||
23.03 | JPMCB | Dick’s Wichita | 1.40 | 70.8% | 9.5% | |||||||||||||||
23.04 | JPMCB | Dick’s Bloomingdale | 1.40 | 70.8% | 9.5% | |||||||||||||||
23.05 | JPMCB | Dick’s Fort Wayne | 1.40 | 70.8% | 9.5% | |||||||||||||||
23.06 | JPMCB | PetSmart Concord | 1.40 | 70.8% | 9.5% | |||||||||||||||
24 | LCF | Tech Ridge Office Park | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
25 | SMF VI | Twelve Oaks | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
26 | SMF VI | Market at Hilliard | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
27 | JPMCB | The Riviera | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
28 | JPMCB | HGI Kennesaw | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | 74.5% | 111.31 | 82.97 | ||||
29 | SMF VI | Buckhorn Plaza | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
30 | JPMCB | Timbergrove Heights | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
31 | SMF VI | Home2 Suites Lubbock | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
32 | SMF VI | Southwest Business Center | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
33 | SMF VI | Hinesville Central | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
34 | SMF VI | Presidents Industrial | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
35 | SMF VI | Holiday Inn Express Salina | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 68.4% | 102.84 | 70.34 | ||||
36 | BSP | Townley Park Center Retail | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
37 | SMF VI | Hebron Heights | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
38 | SMF VI | West Hills Plaza | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
39 | LCF | Dollar General Dimmitt | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | |||||||
40 | LCF | Dollar General Jackson | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-9 |
ANNEX A-1
HOTEL OPERATING STATISTICS | ||||||||||||||||
2014 | 2014 | 2014 | 2015 | 2015 | 2015 | Most Recent | Most Recent | Most Recent | UW | UW | UW | |||||
Loan # | Seller(1) | Property Name | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Loan # | |
1 | JPMCB | Hilton Hawaiian Village | 90.7% | 259.85 | 235.77 | 94.4% | 240.62 | 227.20 | 94.6% | 250.09 | 236.65 | 94.6% | 250.09 | 236.65 | 1 | |
2 | JPMCB | Fresno Fashion Fair Mall | 2 | |||||||||||||
3 | JPMCB | 9 West 57th Street | 3 | |||||||||||||
4 | JPMCB | Riverway | 4 | |||||||||||||
5 | JPMCB | Moffett Gateway | 5 | |||||||||||||
6 | JPMCB | Summit Mall | 6 | |||||||||||||
7 | JPMCB | North Hills Village | 7 | |||||||||||||
8 | JPMCB | Hotel Palomar San Diego | 79.1% | 186.34 | 147.34 | 68.8% | 203.68 | 140.11 | 79.7% | 212.60 | 169.54 | 79.7% | 212.60 | 169.54 | 8 | |
9 | LCF | Redwood MHC Portfolio | 9 | |||||||||||||
9.01 | LCF | Camp Inn | 9.01 | |||||||||||||
9.02 | LCF | Town & Country Estates | 9.02 | |||||||||||||
9.03 | LCF | St. Clements Crossing | 9.03 | |||||||||||||
9.04 | LCF | Algoma | 9.04 | |||||||||||||
9.05 | LCF | Suburban Estates | 9.05 | |||||||||||||
9.06 | LCF | Colonial Acres | 9.06 | |||||||||||||
9.07 | LCF | Twenty Nine Pines | 9.07 | |||||||||||||
9.08 | LCF | Evergreen Springs | 9.08 | |||||||||||||
9.09 | LCF | Avalon | 9.09 | |||||||||||||
9.10 | LCF | Lexington | 9.10 | |||||||||||||
9.11 | LCF | Colonial Manor | 9.11 | |||||||||||||
9.12 | LCF | Green Acres | 9.12 | |||||||||||||
9.13 | LCF | Cedar Grove | 9.13 | |||||||||||||
9.14 | LCF | Hunters Chase | 9.14 | |||||||||||||
9.15 | LCF | Highland Bluff | 9.15 | |||||||||||||
9.16 | LCF | Winter Paradise | 9.16 | |||||||||||||
9.17 | LCF | Weststar | 9.17 | |||||||||||||
9.18 | LCF | El Frontier | 9.18 | |||||||||||||
10 | BSP | 925 Common | 10 | |||||||||||||
11 | BSP | International Plaza | 11 | |||||||||||||
12 | BSP | Everett Plaza | 12 | |||||||||||||
13 | JPMCB | Bilmar Beach Resort | 79.6% | 140.90 | 112.09 | 82.6% | 149.52 | 123.54 | 80.0% | 156.79 | 125.48 | 80.0% | 156.79 | 125.48 | 13 | |
14 | LCF | 1140 Avenue of the Americas | 14 | |||||||||||||
15 | JPMCB | Fry 529 Retail Center | 15 | |||||||||||||
16 | SMF VI | Arroyo South Office | 16 | |||||||||||||
17 | JPMCB | PGA Financial Plaza | 17 | |||||||||||||
18 | LCF | 80 Park Plaza | 18 | |||||||||||||
19 | SMF VI | Walgreens Pool 3 | 19 | |||||||||||||
19.01 | SMF VI | Walgreens Bettendorf | 19.01 | |||||||||||||
19.02 | SMF VI | Walgreens Security | 19.02 | |||||||||||||
19.03 | SMF VI | Walgreens Mason City | 19.03 | |||||||||||||
19.04 | SMF VI | Walgreens Fort Dodge | 19.04 | |||||||||||||
19.05 | SMF VI | Walgreens Virginia Beach | 19.05 | |||||||||||||
19.06 | SMF VI | Walgreens Granite City | 19.06 | |||||||||||||
20 | SMF VI | Walgreens Pool 6 | 20 | |||||||||||||
20.01 | SMF VI | Walgreens Sioux City | 20.01 | |||||||||||||
20.02 | SMF VI | Walgreens Des Moines | 20.02 | |||||||||||||
20.03 | SMF VI | Walgreens Mesa | 20.03 | |||||||||||||
20.04 | SMF VI | Walgreens Wichita | 20.04 | |||||||||||||
20.05 | SMF VI | Walgreens Colorado Springs | 20.05 | |||||||||||||
20.06 | SMF VI | Walgreens Casa Grande | 20.06 | |||||||||||||
21 | BSP | Franklin Marketplace | 21 | |||||||||||||
22 | JPMCB | Salesforce Tower | 22 | |||||||||||||
23 | JPMCB | Dick’s Sporting Goods Portfolio | 23 | |||||||||||||
23.01 | JPMCB | Dick’s Keene | 23.01 | |||||||||||||
23.02 | JPMCB | Dick’s Concord | 23.02 | |||||||||||||
23.03 | JPMCB | Dick’s Wichita | 23.03 | |||||||||||||
23.04 | JPMCB | Dick’s Bloomingdale | 23.04 | |||||||||||||
23.05 | JPMCB | Dick’s Fort Wayne | 23.05 | |||||||||||||
23.06 | JPMCB | PetSmart Concord | 23.06 | |||||||||||||
24 | LCF | Tech Ridge Office Park | 24 | |||||||||||||
25 | SMF VI | Twelve Oaks | 25 | |||||||||||||
26 | SMF VI | Market at Hilliard | 26 | |||||||||||||
27 | JPMCB | The Riviera | 27 | |||||||||||||
28 | JPMCB | HGI Kennesaw | 76.2% | 117.00 | 89.21 | 76.7% | 131.22 | 100.66 | 76.1% | 133.87 | 101.88 | 76.1% | 133.87 | 101.88 | 28 | |
29 | SMF VI | Buckhorn Plaza | 29 | |||||||||||||
30 | JPMCB | Timbergrove Heights | 30 | |||||||||||||
31 | SMF VI | Home2 Suites Lubbock | 73.9% | 117.32 | 86.70 | 73.9% | 117.32 | 86.70 | 31 | |||||||
32 | SMF VI | Southwest Business Center | 32 | |||||||||||||
33 | SMF VI | Hinesville Central | 33 | |||||||||||||
34 | SMF VI | Presidents Industrial | 34 | |||||||||||||
35 | SMF VI | Holiday Inn Express Salina | 77.8% | 114.22 | 88.87 | 74.6% | 112.64 | 84.00 | 72.3% | 108.78 | 78.59 | 72.3% | 108.78 | 78.59 | 35 | |
36 | BSP | Townley Park Center Retail | 36 | |||||||||||||
37 | SMF VI | Hebron Heights | 37 | |||||||||||||
38 | SMF VI | West Hills Plaza | 38 | |||||||||||||
39 | LCF | Dollar General Dimmitt | 39 | |||||||||||||
40 | LCF | Dollar General Jackson | 40 |
A-1-10 |
Footnotes to Annex A-1 |
(1) | “JPMCB” denotes JPMorgan Chase Bank, National Association, as Mortgage Loan Seller; “BSP” denotes Benefit Street Partners CRE Finance LLC, as Mortgage Loan Seller; “SMF VI” denotes Starwood Mortgage Funding VI LLC, as Mortgage Loan Seller; and “LCF” denotes Ladder Capital Finance LLC, as Mortgage Loan Seller. |
With respect to Loan No. 1, Hilton Hawaiian Village, the Hilton Hawaiian Village Whole Loan (as defined below) was co-originated by JPMCB, Deutsche Bank AG, New York Branch, Goldman Sachs Mortgage Company, Barclays Bank PLC, and Morgan Stanley Bank, N.A. | |
With respect to Loan No. 2, Fresno Fashion Fair Mall, the Fresno Fashion Fair Mall Whole Loan (as defined below) was co-originated by JPMCB and Société Générale. | |
With respect to Loan No. 18, 80 Park Plaza, the 80 Park Plaza Whole Loan (as defined below) was co-originated by LCF and Citigroup Global Markets Realty Corp. | |
(2) | Certain of the mortgage loans include parcels ground leased to tenants in the calculation of the total square footage and the occupancy of the mortgaged property. |
With respect to Loan No. 1, Hilton Hawaiian Village, the mortgaged property includes 14 hotel units and 26 commercial units of a condominium. The remaining units in the condominium consist of six time share units, which are owned by third parties and not part of collateral for the mortgage loan. The borrower controls the related board of directors for the association and is responsible for maintaining the common areas of the condominium. | |
With respect to Loan No. 2, Fresno Fashion Fair Mall, Chick-fil-A ground leases its premises from the borrower. Chick-fil-A ground leases its premises through February 2035 and pays annual ground rent of $120,000. | |
With respect to Loan No. 4, Riverway, the mortgaged property consists of three, 11-story multi-tenant office buildings totaling approximately 858,711 square feet and one daycare facility totaling approximately 10,409 square feet. The daycare facility is 100% leased to Bright Horizons under a lease that expires in March 2027. The tenant also has the right to terminate the lease annually on each anniversary of the lease commencement date. | |
With respect to Loan No. 6, Summit Mall, Macy’s ground leases its premises from the borrower. Macy’s ground leases its premises through October 2020 and pays annual ground rent of $146,367. | |
With respect to Loan No. 7, North Hills Village, Target ground leases its premises from the borrower through January 2027 and pays annual ground rent of $407,000. | |
With respect to Loan No. 8, Hotel Palomar San Diego, the mortgaged property also includes an adjacent three-story retail and entertainment building totaling 31,300 square feet, which is 100% leased to House of Blues San Diego, LLC. In addition, the property is subject to a condominium regime, and the borrower owns 100% of the units. | |
With respect to Loan No. 10, 925 Common, the mortgaged property consists of 199 multifamily units, 10,430 square feet of ground floor retail, a 14,457 square foot ballroom and a 300-vehicle valet garage. As of November 9, 2016, the multifamily space was 93.5% leased and the retail space was 80.3% leased. | |
With respect to Loan No. 12, Everett Plaza, Units include 3,173 square feet (2.6% of the net rentable area at the mortgaged property) of space ground leased to the tenant, Jack in the Box. |
A-1-11 |
The tenant owns its improvements and ground leases from the borrower the land on which its improvements are constructed. | |
With respect to Loan No. 13, Bilmar Beach Resort, the mortgaged property includes 91 condominium units in a condominium regime with 134 total units. The borrower controls the related condominium association. The loan documents requires the borrower to retain a minimum of 68 of the 134 units and control of the condominium association. The borrower is also entitled to an amount generally equal to 46.0% to 48.0% of the rental income from 43 condominiums that are owned by third parties. | |
With respect to Loan No. 15, Fry 529 Retail Center, Bush’s Chicken ground leases its premises from the borrower. Bush’s Chicken ground leases its premises under a ground lease with a term of 20 years after the rent commencement date, which is the earlier of (i) the date that the tenant opens for business and (ii) March 2017. The tenant is required to pay annual ground rent of $75,000. | |
With respect to Loan No. 23.01, Dick’s Sporting Goods Portfolio—Dick’s Keene, the mortgaged property consists of one unit of 15 total units in a fractured condominium regime (constituting approximately 7.143% of the condominium regime). The borrower does not control of the related condominium association. However, no amendment may alter the rights of, or impose greater obligation on, any unit owner without the consent of such unit owner and its mortgagee. | |
With respect to Loan No. 29, Buckhorn Plaza, the total square footage includes 7,537 square feet (8.7% of the net rentable area at the mortgaged property) of space ground leased to the 3rd Largest Tenant, Olive Garden, pursuant to a ground lease that expires in February 28, 2023. The tenant owns its improvements and ground leases from the borrower the land on which its improvements are constructed. | |
(3) | In certain cases, mortgaged properties may have tenants that have executed leases that were included in the underwriting but have not yet commenced paying rent and/or are not in occupancy. |
With respect to Loan No. 1, Hilton Hawaiian Village, approximately 18.4% of UW Revenues ($) is attributable to the food and beverage outlets at the related mortgaged property and approximately 5.1% of UW Revenues ($) is attributable to the retail component of the mortgaged property. | |
With respect to Loan No. 2, Fresno Fashion Fair Mall, Occupancy% includes only permanent leases. Occupancy% including specialty tenants with leases over six months for December 31, 2013, December 31, 2014, December 31, 2015 and August 31, 2016 is 96.8%, 98.4%, 98.1% and 92.2%, respectively. | |
With respect to Loan No. 2, Fresno Fashion Fair Mall, the borrower is permitted to engage in several redevelopment activities at the mortgaged property under the loan documents. If there is any decrease in underwritten net operating income (as defined in the loan documents) as a result of the redevelopment activities (including as the result of any modification or termination of the Macy’s Men’s & Children’s or JCPenney leases), then the borrower is required to enter into a master lease with the guarantor for all such applicable space and all then vacant space at the property. The loan documents provide that rent will be reduced if and to the extent underwritten net operating income with respect to the mortgaged property increases, as determined on a quarterly basis. With respect to any termination of the Macy’s Men’s & Children’s lease or JCPenney lease, the master lease will terminate if: (x) the underwritten net operating income with respect to the property is restored to the greater of (i) pre-development levels and (ii) $27,000,000 and (y) the areas impacted by such redevelopment activities are 90% or more occupied with tenants in possession and paying rent. With respect to any modification of the |
A-1-12 |
Macy’s Men’s & Children’s lease and/or the JCPenney lease resulting in a decrease in underwritten net operating income, the master lease will terminate when the underwritten net operating income is restored to the greater of (i) pre-modification levels or (ii) $27,000,000. | |
With respect to Loan No. 3, 9 West 57th Street, two tenants, Zimmer Partners, LP and Seven Bridges Advisors LLC, have executed their leases but have not yet commenced paying rent. | |
With respect to Loan No. 5, Moffett Gateway, the sole tenant, Google, has executed two leases for the entire property but has not yet taken occupancy or commenced paying rent. Google leases the property under two separate leases, one for 1225 Crossman Avenue (“Building One”) and the second for 1265 Crossman Avenue (“Building Two”). Google is expected to take occupancy for both spaces in early 2017 and will commence paying rent under each lease as follows: Building One in July 2018 and Building Two in July 2017. | |
With respect to Loan No. 5, Moffett Gateway, Occupancy%, UW Revenues ($), UW NOI ($) and UW NCF ($) include the rental income for the sole tenant, Google, which has executed its leases but has not yet taken occupancy or commenced paying rent under either lease. In addition, UW Revenues ($), UW NOI ($) and UW NCF ($) are calculated using the average rent of the sole tenant, Google, over the term of the related leases inclusive of the free rent reserve. | |
With respect to Loan No. 6, Summit Mall, Occupancy%, UW Revenues ($), UW NOI ($) and UW NCF ($) include two tenants, Dewey’s Pizza (3,490 square feet) and Auntie Anne’s (250 square feet), that have signed leases but have not yet taken occupancy or commenced paying rent. | |
With respect to Loan No. 8, Hotel Palomar San Diego, approximately 21.9% of UW Revenues ($) is attributable to the food and beverage outlets at the related mortgaged property. | |
With respect to Loan No. 10, 925 Common, one of the commercial tenants, Goldbergs Bagel & Deli, has executed its lease but has not yet taken occupancy or commenced paying rent. Goldberg’s Bagel & Deli is expected to take occupancy on February 1, 2017 and begin paying rent May 1, 2017. The borrower has deposited $700,000 in landlord obligations for tenant improvements associated with the buildout of the space. The borrower also deposited $87,149 for six months of free rent reserves. The free rent reserve will be disbursed in equal amounts each month from January 2017 through June 2017. | |
With respect to Loan No. 10, 925 Common, the historical occupancies reflect the 108 classic multifamily units only and are as of December 31 for 2013 and 2014 and October 31 for 2015. The property underwent a major renovation and expansion from October 2014 through December 2015 and 91 modern units came online between November 2015 and January 2016. Current Occupancy is as of November 9, 2016 and reflects all 199 multifamily units (which includes both classic and modern units). | |
With respect to Loan No. 11, International Plaza, Consortium Health, has executed its lease but has not yet taken occupancy or commenced paying rent. Consortium Health is expected to take occupancy and begin paying rent in January 2017. | |
With respect to Loan No. 13, Bilmar Beach Resort, approximately 43.4% of UW Revenues ($) is attributable to the food and beverage outlets at the related mortgaged property. | |
With respect to Loan No. 14, 1140 Avenue of the Americas, the 2nd Largest Tenant, Waterfall Asset Management, has executed a lease for an additional 7,909 square feet that is currently occupied by TriOptima North America, LLC. Waterfall Asset Management is expected to take occupancy on May 1, 2017. At closing, $563,516.25 was reserved with the lender to cover such tenant’s free rent period from May 1, 2017 through January 31, 2018. |
A-1-13 |
With respect to Loan No. 15, Fry 529 Retail Center, three tenants, La Seafood Café, El Kiosko and Bush’s Chicken have executed their leases but have not yet taken occupancy or commenced paying rent. La Seafood Cafe is expected to take occupancy for 1,500 square feet of its leased premises and will commence paying rent in December 2016. El Kiosko is expected to take occupancy for 1,400 square feet of its leased premises and will commence paying rent in December 2016. Bush’s Chicken, a pad-site tenant, is expected to take occupancy upon build-out completion, with an estimated completion of December 2016. Despite the build-out completion status, Bush’s Chicken will commence paying rent in March 2017. | |
With respect to Loan No. 15, Fry 529 Retail Center, 2015 Occupancy% is lower than the Most Recent Occupancy% due to a lease-up after the development of the mortgaged property was completed. | |
With respect to Loan No. 16, Arroyo South Office, the 5th Largest Tenant, Lyft, Inc., has executed a lease but has not yet taken occupancy or commenced paying rent. | |
With respect to Loan No. 17, PGA Financial Plaza, UW Revenues ($), UW NOI ($) and UW NCF ($) are calculated using the average rent of the Largest Tenant, the 2nd Largest Tenant and 3rd Largest Tenant, Wells Fargo, JPMorgan Chase Bank, National Association, and Raymond James & Associates, Inc., respectively, over the term of the related leases. | |
With respect to Loan No. 22, Salesforce Tower, the Largest Tenant, Salesforce.com, Inc. (“Salesforce”), has executed its lease but has not yet taken occupancy or commenced paying rent. Salesforce is expected to take occupancy and begin paying rent as follows: 123,032 square feet in January 2017, 19,318 square feet on the 25th floor in August 2017 and the remaining 104,749 square feet in August 2018. | |
With respect to Loan No. 22, Salesforce Tower, approximately 11.1% of UW Revenues ($) is attributable to the parking garage at the mortgaged property. | |
With respect to Loan No. 24, Tech Ridge Office Park, two tenants are entitled to free rent periods. At origination, the borrower reserved $45,755 for the free rent periods. | |
With respect to Loan No. 28, HGI Kennesaw, approximately 16.0% of UW Revenues ($) is attributable to the food and beverage outlet at the related mortgaged property. | |
With respect to Loan No. 30, Timbergrove Heights, Occupancy% includes two tenants which have executed leases but have not yet taken occupancy. | |
With respect to Loan No. 37, Hebron Heights, the 3rd Largest Tenant, BurgerFi, has executed a lease but has not yet taken occupancy or commenced paying rent. | |
(4) | With respect to all mortgage loans, with the exceptions of the mortgage loans listed below, the Current LTV% and the Maturity LTV% are based on the “as-is” Appraisal Value ($) even though, for certain mortgage loans, the appraiser provided “as-stabilized” values based on certain criteria being met. |
With respect to Loan No. 5, Moffett Gateway, the Appraised Value ($) represents the “Hypothetical Market Value As-Stabilized” value of $525,000,000, which assumes that all tenant improvement construction is complete and all contractual free rent obligations have burned off as of the stabilized value date of July 20, 2016. At origination, the borrower was required to reserve $43,642,904 into the Upfront Other Reserve ($) for outstanding tenant improvements, $5,743,978 for outstanding leasing commissions and $37,575,033 for outstanding free rent. The “as-is” value as of July 20, 2016 was $430,000,000, which results in a Current LTV% and Maturity LTV% of 56.5% and 48.0%, respectively. |
A-1-14 |
With respect to Loan No. 8, Hotel Palomar San Diego, the Appraised Value ($) represents the “When Complete” market value of $80,100,000, which assumes that the proposed renovations to the property related to the repositioning of the property restaurant has been completed. At origination, the borrower was required to reserve $1,641,974 into a reserve for the restaurant renovations. The “as-is” value as of October 4, 2016 is $76,700,000, which results in a Current LTV% and Maturity LTV% of 49.5%. | |
With respect to Loan No. 13, Bilmar Beach Resort, the Appraised Value ($) represents the “Hypothetical As-Is” value of $37,100,000, which assumes that the on-going property renovation has been completed. At origination, the borrower was required to reserve $2,500,000 into a reserve for capital improvements. The “as-is” value as of August 8, 2016 is $34,400,000, which results in a Current LTV% and Maturity LTV% of 72.4% and 58.9%, respectively. | |
With respect to Loan No. 22, Salesforce Tower, the Appraised Value ($) represents the “Hypothetical As-Is” value of $181,100,000, which assumes that all outstanding tenant improvements, leasing commissions, free rent, and capital expenditures have been paid or are reserved/escrowed at origination. At origination, the borrower was required to deposit into the Upfront Other Reserve ($) $20,896,672 for outstanding tenant improvements and leasing commissions and $8,081,640 for outstanding free rent. Additionally, the borrower was required to reserve $4,250,420 into the Upfront CapEx Reserve ($). The “as-is” value as of July 21, 2016 was $150,600,000, which results in a Current LTV% and Maturity LTV% of 71.7%. | |
With respect to Loan No. 32, Southwest Business Center, Other Upfront Reserve ($) includes a performance reserve in the amount of $800,000 in the form of a letter of credit that was delivered by the borrower at loan origination. So long as no event of default is occurring, the performance reserve will be released to the borrower upon the mortgage loan achieving a debt yield on NOI (as defined in the loan documents) of at least 9.0% for the trailing six months. Current LTV%, Maturity LTV%, UW NOI Debt Yield% and UW NCF Debt Yield% calculations are based on the net Cut-off Date Balance of $7,488,866, which is net of the $800,000 reserve. Assuming the gross Cut-off Date Balance of $8,288,866, Current LTV%, Maturity LTV%, UW NOI Debt Yield% and UW NCF Debt Yield% calculations are 74.1%, 59.7%, 9.1% and 8.5%, respectively. | |
(5) | For mortgage loans secured by multiple mortgaged properties, each mortgage loan’s Original Balance ($), Current Balance ($) and Maturity/ARD Balance ($) are allocated to the respective mortgaged property based on the mortgage loan’s documentation, or if no such allocation is provided in the mortgage loan documentation, the mortgage loan seller’s determination of the appropriate allocation. |
(6) | With respect to Loan No. 1, Hilton Hawaiian Village, the mortgage loan is part of a whole loan with an original principal balance of $1,275,000,000 (the “Hilton Hawaiian Village Whole Loan”) which is comprised of 16 pari passu components (Note A-1-A, Note A-1-B, Note A-1-C, Note A-1-D, Note A-1-E, Note A-2-A-1, Note A-2-A-2, Note A-2-A-3, Note A-2-A-4, Note A-2-B-1, Note A-2-B-2, Note A-2-B-3, Note A-2-D-1, Note A-2-D-2, Note A-2-E-1, and Note A-2-E-2) and five subordinate companion loans (Note B-1, Note B-2, Note B-3, Note B-4 and Note B-5). Note A-2-A-1 has an outstanding principal balance as of the Cut-off Date of $94,000,000 and is being contributed to the JPMCC 2016-JP4 Trust. The remaining 15 pari passu components and five subordinate companion loans have an aggregate outstanding principal balance as of the Cut-off Date of $1,181,000,000 and are expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the Hilton Hawaiian Village Whole Loan balance, excluding the subordinate companion loans. |
With respect to Loan No. 2, Fresno Fashion Fair Mall, the mortgage loan is part of a whole loan with an original principal balance of $325,000,000 (the “Fresno Fashion Fair Mall Whole Loan”) which is comprised of seven pari passu components. Note A-1-B has an outstanding principal balance as of the Cut-off Date of $80,000,000 and is being contributed to the JPMCC 2016-JP4 |
A-1-15 |
Trust. Note A-1-A has an outstanding principal balance as of the Cut-off Date of $60,000,000 and was contributed to the JPMDB 2016-C4 trust. Note A-2-A has an outstanding principal balance as of the Cut-off Date of $40,000,000 and was contributed to the CFCRE 2016-C6 trust. Note A-1-C, Note A-2-B, Note A-2-C and Note A-2-D have an aggregate outstanding principal balance as of the Cut-off Date of $145,000,000 and are expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the Fresno Fashion Fair Mall Whole Loan balance. | |
With respect to Loan No. 3, 9 West 57th Street, the mortgage loan is part of a whole loan with an original principal balance of $1,200,000,000 (the “9 West 57th Street Whole Loan”) which is comprised of six pari passu components (Note A-1, Note A-2, Note A-3-A, Note A-3-B, Note A-4 and Note A-5) and one subordinate companion loan (Note B-1). Note A-5 has an outstanding principal balance as of the Cut-off Date of $63,000,000 and is being contributed to the JPMCC 2016-JP4 Trust. Note A-1 and Note B-1 have an aggregate outstanding principal balance as of the Cut-off Date of $900,000,000 and were contributed to the JPMCC 2016-NINE trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $100,000,000 and was contributed to the JPMCC 2016-JP3 Trust. Note A-4 has an outstanding principal balance as of the Cut-off Date of $80,000,000 was contributed to the JPMDB 2016-C4 trust. Note A-3-A has an aggregate outstanding balance as of the Cut-off Date of $50,000,000 and was sold to a third party investor. Note A-3-B has an aggregate outstanding balance as of the Cut-off Date of $50,000,000 and was contributed to the CSAIL 2016-C7 trust. All loan level metrics are based on the 9 West 57th Street Whole Loan balance excluding the subordinate companion loan. | |
With respect to Loan No. 4, Riverway, the mortgage loan is part of a whole loan with an original principal balance of $128,000,000 (the “Riverway Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A-2). Note A-2 has an outstanding principal balance as of the Cut-off Date of $63,000,000 and is being contributed to the JPMCC 2016-JP4 Trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of $65,000,000 and is expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the Riverway Whole Loan balance. | |
With respect to Loan No. 5, Moffett Gateway, the mortgage loan is part of a whole loan with an original principal balance of $345,000,000 (the “Moffett Gateway Whole Loan”) which is comprised of five pari passu components (Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5) and one subordinate companion loan (Note B-1). Note A-2 has an outstanding principal balance as of the Cut-off Date of $60,000,000 and is being contributed to the JPMCC 2016-JP4 Trust. Note A-5 has an outstanding principal balance as of the Cut-off Date of $43,000,000 and was contributed to the JPMDB 2016-C4 Trust. Note A-1, Note A-3 and Note A-4 have an aggregate outstanding principal balance as of the Cut-off Date of $140,000,000 and are expected to be contributed to one or more future securitization trusts. Note B-1 has an outstanding balance as of the Cut-off Date of $102,000,000 and was sold to a third-party investor. All loan level metrics are based on the Moffett Gateway Whole Loan balance excluding the subordinate companion loan. | |
With respect to Loan No. 6, Summit Mall, the mortgage loan is part of a whole loan with an original principal balance of $85,000,00 (the “Summit Mall Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A-2). Note A-1 has an outstanding principal balance as of the Cut-off Date of $50,000,000 and is being contributed to the JPMCC 2016-JP4 Trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $35,000,000 and is expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the Summit Mall Whole Loan balance. | |
With respect to Loan No. 7, North Hills Village, the mortgage loan is part of a whole loan with an original principal balance of $53,600,000 (the “North Hills Village Whole Loan”) which is comprised of a senior note (Note A) and a subordinate companion loan (Note B). Note A has an outstanding principal balance as of the Cut-off Date of $44,100,000 and is being contributed to |
A-1-16 |
the JPMCC 2016-JP4 Trust. Note B has an outstanding principal balance as of the Cut-off Date of $9,500,000 and is expected to be sold to a third party investor. All loan level metrics are based on the North Hills Village mortgage loan excluding the subordinate companion loan. | |
With respect to Loan No. 9, Redwood MHC Portfolio, the mortgage loan is part of a whole loan with an original principal balance of $96,000,000 (the “Redwood MHC Portfolio Whole Loan”) which is comprised of three pari passu components (Note A-1, Note A-2 and Note A-3). Note A-3 has an outstanding principal balance as of the Cut-off Date of $37,000,000 and is being contributed to the JPMCC 2016-JP4 Trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $38,400,000 and was contributed to the WFCM 2016-LC25 Trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of $20,600,000 and is expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the Redwood MHC Portfolio Whole Loan balance. | |
With respect to Loan No. 14, 1140 Avenue of the Americas, the mortgage loan is part of a whole loan with an original principal balance of $99,000,000 (the “1140 Avenue of the Americas Whole Loan”) which is comprised of four pari passu components (Note A-1, Note A-2, Note A-3 and Note A-4). Note A-2 has an outstanding principal balance as of the Cut-off Date of $24,000,000 and is being contributed to the JPMCC 2016-JP4 Trust. Notes A-3 and A-4 have an aggregate outstanding principal balance of $45,000,000 and were contributed to the WFCM 2016-LC24 Trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of $30,000,000 and is expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the 1140 Avenue of the Americas Whole Loan balance. | |
With respect to Loan No. 18, 80 Park Plaza, the mortgage loan is part of a whole loan with an original principal balance of $133,000,000 (the “80 Park Plaza Whole Loan”) which is comprised of five pari passu components (Note A-1, Note A-2, Note A-3, Note A-4A and Note A-4B). Note A-4B has an outstanding principal balance as of the Cut-off Date of $20,500,000 and is being contributed to the JPMCC 2016-JP4 Trust. Notes A-1 and A-2 have an aggregate outstanding principal balance of $50,000,000 and were contributed to the CGCMT 2016-C3 Trust. Note A-3 and Note A-4A have an aggregate outstanding principal balance as of the Cut-off Date of $62,500,000 and are expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the 80 Park Plaza Whole Loan balance. | |
With respect to Loan No. 22, Salesforce Tower, the mortgage loan is part of a whole loan with an original principal balance of $108,000,000 (the “Salesforce Tower Whole Loan”) which is comprised of three pari passu components (Note A-1, Note A-2 and Note A-3). Note A-3 has an outstanding principal balance as of the Cut-off Date of $18,000,000 and is being contributed to the JPMCC 2016-JP4 Trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of $60,000,000 and was contributed to the JPMCC 2016-JP3 Trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $30,000,000 and was contributed to the JPMDB 2016-C4 Trust. All loan level metrics are based on the Salesforce Tower Whole Loan balance. | |
With respect to Loan No. 23, Dick’s Sporting Goods Portfolio, the mortgage loan is part of a whole loan with an original principal balance of $31,000,000 (the “Dick’s Sporting Goods Portfolio Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A-2). Note A-1 has an outstanding principal balance as of the Cut-off Date of $18,000,000 and is being contributed to the JPMCC 2016-JP4 Trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $13,000,000 and is expected to be contributed to a future securitization trust. All loan level metrics are based on the Dick’s Sporting Goods Portfolio Whole Loan balance. | |
(7) | Each number identifies a group of related borrowers. |
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(8) | For each mortgage loan, the excess of the related Interest Rate% over the related Servicing Fee Rate, the Trustee Fee Rate (including the Certificate Administrator Fee Rate), the Senior Trust Advisor Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate (collectively, the “Admin Fee%”). |
(9) | For the mortgage loans that are interest-only for the entire term and accrue interest on an Actual/360 basis, the Monthly Debt Service ($) was calculated as 1/12th of the product of (i) the Original Balance ($), (ii) the Interest Rate% and (iii) 365/360. |
(10) | With respect to all mortgage loans, except for the mortgage loan(s) listed below, Annual Debt Service ($) is calculated by multiplying the Monthly Debt Service ($) by 12. |
With respect to Loan No. 5, Moffett Gateway, the Annual Debt Service ($) is calculated based on the sum of the first 12 principal and interest payments after the expiration of the interest-only period based on the assumed principal payment schedule set forth on Annex F to this prospectus. As such, the Current Balance ($), Maturity/ARD Balance ($), Monthly Debt Service ($), UW NOI DSCR and UW NCF DSCR all reflect this principal payment schedule and a fixed interest rate of 3.319403%. | |
With respect to Loan No. 7, North Hills Village, the Annual Debt Service ($) is calculated based on the sum of the first 12 payments allocable to the mortgage loan following the Cut-off Date based on a pro rata allocation between the A-Note and Subordinate Companion Loan of principal payable on the North Hills Village Whole Loan. As such, the Current Balance ($), Maturity/ARD Balance ($), Monthly Debt Service ($), UW NOI DSCR and UW NCF DSCR all reflect this principal payment schedule. | |
(11) | With respect to Loan No. 8, Hotel Palomar San Diego, if the loan documents explicitly require payment “on demand”, it is not an event of default unless the borrower fails to make any such payment within 10 days after demand by the lender. |
(12) | With respect to Loan No. 39, Dollar General Dimmitt, the mortgage loan has an ARD feature with an anticipated repayment date of May 6, 2026. From and after the anticipated repayment date, the interest rate will increase to 9.35000% per annum, until the Final Mat Date of May 6, 2031. |
With respect to Loan No. 40, Dollar General Jackson, the mortgage loan has an ARD feature with an anticipated repayment date of November 6, 2026. From and after the anticipated repayment date, the interest rate will increase to 9.26000% per annum, until the Final Mat Date of November 6, 2031. | |
(13) | The “L” component of the prepayment provision represents lockout payments. |
The “Def” component of the prepayment provision represents defeasance payments. | |
The “YM” component of the prepayment provision represents yield maintenance payments. | |
The “O” Component of the prepayment provision represents the free payments including the Maturity Date. | |
With respect to Loan No. 1, Hilton Hawaiian Village, the lockout period will be at least 25 payments beginning with and including the first payment on December 1, 2016. Defeasance of the full $1,275,000,000 Hilton Hawaiian Village Whole Loan is permitted after the earlier to occur of (i) May 1, 2019 and (ii) the date that is two years from the closing date of the securitization that includes the last note to be securitized (the “Hilton Hawaiian Village Defeasance Date”). Following the expiration of the Hilton Hawaiian Village Defeasance Date, the borrower is also permitted to prepay the Hilton Hawaiian Village Whole Loan with the payment of a yield |
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maintenance premium. The assumed lockout period is based on the expected JPMCC 2016-JP4 securitization closing date in December 2016. The actual lockout period may be longer. | |
With respect to Loan No. 2, Fresno Fashion Fair Mall, the lockout period will be at least 25 payments beginning with and including the first payment on December 1, 2016. Defeasance of the full $325.0 million Fresno Fashion Fair Mall Whole Loan is permitted after the earlier to occur of (i) October 6, 2019 and (ii) the date that is two years from the closing date of the securitization that includes the last note to be securitized (the “Fresno Fashion Fair Mall Defeasance Date”). Following the expiration of the Fresno Fashion Fair Mall Defeasance Date, the borrower is also permitted to prepay the Fresno Fashion Fair Mall Whole Loan with the payment of a yield maintenance premium. The assumed lockout period is based on the expected JPMCC 2016-JP4 securitization closing date in December 2016. The actual lockout period may be longer. | |
With respect to Loan No. 3, 9 West 57th Street, the lockout period will be at least 27 payments beginning with and including the first payment on October 1, 2016. Defeasance of the full $1.2 billion 9 West 57th Street Whole Loan is permitted after the date that is the earlier of (i) two years from the closing date of the securitization that includes the last note to be securitized and (ii) August 30, 2019. The assumed lockout period is based on the expected JPMCC 2016-JP4 securitization closing date in December 2016. The actual lockout period may be longer. | |
With respect to Loan No. 4, Riverway, the lockout period will be at least 24 payments beginning with and including the first payment on January 1, 2017. Defeasance of the full $128.0 million Riverway Whole Loan is permitted after the date that is two years from the closing date of the securitization that includes the last note to be securitized (the “Riverway Defeasance Date”). If the Riverway Defeasance Date has not occurred by January 1, 2021, the borrower is permitted to prepay the Riverway Whole Loan with the payment of a yield maintenance premium. The assumed lockout period is based on the expected JPMCC 2016-JP4 securitization closing date in December 2016. The actual lockout period may be longer. | |
With respect to Loan No. 5, Moffett Gateway, the lockout period will be at least 26 payments beginning with and including the first payment on November 1, 2016. Defeasance of the full $340.0 million Moffett Gateway Whole Loan is permitted after the date that is two years from the closing date of the securitization that includes the last note to be securitized (the “Moffett Gateway Defeasance Date”). If the Moffett Gateway Defeasance Date has not occurred by November 1, 2020, the borrower is permitted to prepay the Moffett Gateway Whole Loan with the payment of a yield maintenance premium. The assumed lockout period is based on the expected JPMCC 2016-JP4 securitization closing date in December 2016. The actual lockout period may be longer. | |
With respect to Loan No. 6, Summit Mall, the lockout period will be at least 26 payments beginning with and including the first payment on November 1, 2016. Defeasance of the full $85.0 million Summit Mall Whole Loan is permitted after the earlier to occur of (i) November 1, 2019 and (ii) the date that is two years from the closing date of the securitization that includes the last note to be securitized (the “Summit Mall Defeasance Date”). If the Summit Mall Defeasance Date has not occurred by November 1, 2019, the borrower is permitted to prepay the Summit Mall Whole Loan with the payment of a yield maintenance premium (except that any portion of the Summit Mall Whole Loan that has been securitized for more than two years is required to be defeased). The assumed lockout period is based on the expected JPMCC 2016-JP4 securitization closing date in December 2016. The actual lockout period may be longer. | |
With respect to Loan No. 9, Redwood MHC Portfolio, defeasance of the full $96.0 million Redwood MHC Portfolio Whole Loan is permitted after the date that is the earlier to occur of (i) two years after the closing date of the final REMIC that holds any note evidencing the Redwood MHC Portfolio Whole Loan or (ii) September 6, 2019. The assumed lockout period of 27 |
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payments is based on the expected JPMCC 2016-JP4 securitization closing date in December 2016. The actual lockout period may be longer. | |
With respect to Loan No. 18, 80 Park Plaza, defeasance of the full $133.0 million 80 Park Plaza Whole Loan is permitted after the date that is the earlier to occur of (i) two years after the closing date of the final REMIC that holds any note evidencing the 80 Park Plaza Loan or (ii) September 30, 2019. The assumed lockout period of 26 payments is based on the expected JPMCC 2016-JP4 securitization closing date in December 2016. The actual lockout period may be longer. | |
With respect to Loan No. 19, Walgreens Pool 3, the borrower is permitted to release an individual mortgaged property after the expiration of the applicable lock out period (depending on whether such release is made in connection with a partial defeasance (no earlier than two years from the closing date) or prepayment with the greater of a yield maintenance and a prepayment premium (no earlier than 60 days from the closing date)), subject to, among other things, the following conditions: (i) no event of default or loan trigger event has occurred and is continuing, (ii) such release is in connection with a sale to a bona-fide third party in an arms-length transaction, or if a Walgreens store trigger event has occurred and is continuing, in connection with a sale to a bona-fide third party in an arms-length transaction or a sale to an affiliate of the borrower and (iii) the borrower prepays the mortgage loan in an amount equal to the greater of (a) 115% of the initial loan amount allocated to the individual mortgaged property being released, and (b) with respect to the remaining individual mortgaged properties, the amount that results in (1) the LTV not exceeding 70% and (2) the DSCR being greater than or equal to 1.30x. | |
With respect to Loan No. 20, Walgreens Pool 6, the borrower is permitted to release an individual mortgaged property after the expiration of the applicable lock out period (depending on whether such release is made in connection with a partial defeasance (no earlier than two years from the closing date) or prepayment with the greater of a yield maintenance and a prepayment premium (no earlier than 60 days from the closing date), subject to, among other things, the following conditions: (i) no event of default or loan trigger event has occurred and is continuing, (ii) such release is in connection with a sale to a bona-fide third party in an arms-length transaction, or if a Walgreens store trigger event has occurred and is continuing, in connection with a sale to a bona-fide third party in an arms-length transaction or a sale to an affiliate of the borrower and (iii) the borrower prepays the mortgage loan in an amount equal to the greater of (a) 115% of the initial loan amount allocated to the individual mortgaged property being released, and (b) with respect to the remaining individual mortgaged properties, the amount that results in (1) the LTV not exceeding 70% and (2) the DSCR being greater than or equal to 1.30x. | |
With respect to Loan No. 23, Dick’s Sporting Goods Portfolio, the lockout period will be at least 25 payments beginning with and including the first payment on December 1, 2016. Defeasance of the full $31.0 million Dick’s Sporting Goods Portfolio Whole Loan is permitted after the date that is two years from the closing date of the securitization that includes the last note to be securitized and December 1, 2019. The assumed lockout period is based on the expected JPMCC 2016-JP4 securitization closing date in December 2016. The actual lockout period may be longer. | |
(14) | With respect to some mortgage loans, historical financial information may not be available due to the when the properties were constructed and/or acquired. |
With respect to Loan Nos. 5, 15 and 30, Moffett Gateway, Fry 529 Retail Center and Timbergrove Heights, the related properties are newly constructed or renovated and some historical financials may not be available. | |
With respect to Loan No. 19, Walgreens Pool 3, historical financial information is not presented as the leases are triple-net with no annual rent increases. |
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With respect to Loan No. 20, Walgreens Pool 6, historical financial information is not presented as the leases are triple-net with no annual rent increases. | |
With respect to Loan No. 27, The Riviera, the 2015 Revenues ($), 2015 Total Expenses ($) and 2015 NOI ($) are based on the trailing ten-month financial data of March 1, 2015 through December 31, 2015, annualized. | |
With respect to Loan No. 28, HGI Kennesaw, Most Recent Revenues ($) and Most Recent NOI ($) have been adjusted to account for the two months of August and September 2016 when 35 rooms and the meeting spaces were offline due to a water sprinkler break at the property on August 10, 2016. | |
With respect to Loan No. 31, Home2 Suites Lubbock, limited historical financial information is available as the mortgaged property was recently built in 2015 and opened in May 2015. As such, historical financials before the trailing 12-month period ending August 31, 2016 were not available. | |
With respect to Loan No. 34, Presidents Industrial, the loan sponsors acquired the mortgaged property in connection with the origination of the mortgage loan and 2013 financial information was not made available. | |
With respect to Loan No. 37, Hebron Heights, the seller acquired the mortgaged property out of an REO sale in May 2013 and 2013 financial information was not available. Additionally, the loan sponsors acquired the mortgaged property in connection with the origination of the mortgage loan and the seller did not provide 2016 financial information. | |
With respect to Loan No. 39, Dollar General Dimmitt, the property is newly constructed and historical financials are not available. | |
With respect to Loan No. 40, Dollar General Jackson, the property is newly constructed and historical financials are not available. | |
(15) | With respect to all hotel properties, the UW NOI ($) is shown after taking a deduction for an FF&E reserve, and as such, the UW NOI ($) and UW NCF ($) for these properties are the same. |
(16) | The UW NOI DSCR and UW NCF DSCR for all partial interest-only mortgage loans were calculated based on the first principal and interest payment after the Note Date during the term of the mortgage loan. |
With respect to Loan No. 5, Moffett Gateway, UW NOI DSCR and UW NCF DSCR were calculated based on the sum of the first 12 payments after the expiration of the interest-only period assumed principal payment schedule set forth on Annex F to the Preliminary Prospectus. | |
With respect to Loan No. 7, North Hills Village, UW NOI DSCR and UW NCF DSCR were calculated using the sum of principal and interest payments over the first 12 payments allocable to the mortgage loan following the Cut-off Date based on a pro rata allocation between the mortgage loan and the related subordinate companion loan of principal payable on the North Hills Village Whole Loan. | |
(17) | With respect to Loan No. 1, Hilton Hawaiian Village, 5,900 square feet of the mortgaged property is a leasehold interest owned by the borrowers under a ground lease, and the remainder of the mortgaged property is owned by the borrower in fee simple. |
With respect to Loan No. 3, 9 West 57th Street, the borrowers have pledged both the fee interest in the mortgaged property and the leasehold estate. The borrowers are permitted to terminate the ground lease upon certain terms and conditions in the loan documents which include, without |
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limitation, delivery of a new title policy or an endorsement to the existing title policy, confirmation that all space leases will remain in full force and effect and satisfaction of any REMIC requirements. | |
With respect to Loan No. 7, North Hills Village, an affiliate of the borrower owns the fee interest in the mortgaged property and has joined the mortgage and pledged its interest in the property as collateral for the loan. In addition, a portion of the property consisting of the spaces leased by Staples and Duro Cleaners is subject to a prime ground lease. | |
With respect to Loan No. 10, 925 Common, the loan is secured by the leasehold interest in the mortgaged property, which is subject to a ground lease with FCH Holdings, LLC. The ground lease expires on September 30, 2049. Annual rent under the ground lease is $212,103. | |
With respect to Loan No. 13, Bilmar Beach Resort, the borrower has pledged both the fee interest in the mortgaged property and its leasehold interest in a reciprocal parking parcel agreement with Walgreens. | |
With respect to Loan No. 14, 1140 Avenue of the Americas, the loan is secured by the borrower’s leasehold interests in the mortgaged property. The ground lease expires December 31, 2066. The current annual ground rent is $348,048 with an increase on January 1, 2017 to $4,746,094 and an increase on January 1, 2042 to $5,062,500. The cash flows have been underwritten at the initial renewal rent step of $4,746,094. | |
With respect to Loan No. 16, Arroyo South Office, the loan is collateralized by the leasehold interest in the property held by the borrower, EJM Arroyo South II Property LLC, pursuant to a 50-year ground lease which expires on January 1, 2057. The ground lessor is the County of Clark, a political subdivision of the State of Nevada. There are no fixed rent payments under the ground lease. The ground lessor is entitled to participate in excess cash flow from the property after all expenses (including, but not limited to operating expenses, capital expenses and debt service payments) have been made, and only after the loan sponsor has received a certain minimum return on its investment, which is not anticipated to occur during the term of the loan. | |
(18) | Represents the amount deposited by the borrower at origination. All or a portion of this amount may have been released pursuant to the terms of the related loan documents. |
With respect to Loan No. 4, Riverway, the borrower was required at origination to deposit into the Upfront Other Reserve ($) $271,509 for a free rent reserve, $6,984,788 for an outstanding tenant improvement reserve and $81,825 for a required immediate repairs reserve. | |
With respect to Loan No. 5, Moffett Gateway, the borrower was required at origination to deposit $37,575,033 for a free rent reserve into the Upfront Other Reserve ($). | |
With respect to Loan No. 6, Summit Mall, Upfront Other Reserve ($) represents a guaranty from the loan sponsor for outstanding tenant improvements. Within 10 days following (i) an event of default, (ii) a transfer of the entire mortgaged property (or 100% of the legal or beneficial interests in the borrower) and assumption of the loan in accordance with the loan documents, as applicable or (iii) a transfer resulting from the exercise of the lender’s rights under the loan documents or the consummation of any remedial or enforcement action by the lender (or any holder of an interest in the loan) under the loan documents or with respect to the mortgaged property, the borrower or guarantor is required to deposit cash in lieu of the guaranty. | |
With respect to Loan No. 7, North Hills Village, the borrower was required at origination to deposit $48,000 into the Upfront Other Reserve ($) to prepay 10 years of rent under the prime ground lease. At any time that the lender determines that the funds in the reserve are not sufficient to pay ground rent for a period of 10 years from the origination date, the borrower is required to deposit an amount equal to such deficiency. In addition, the borrower was required to |
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deposit $750,000 into a reserve for potential remediation in the event the related Phase II investigation recommends any environmental remediation as the result of the former and current existence of dry cleaning facilities at the mortgaged property, as well as $52,000 to purchase tail coverage under the environmental insurance policy for an additional three year period in accordance with the loan documents. | |
With respect to Loan No. 11, International Plaza, the loan is structured with a free rent reserve of $219,319 broken out as follows: $13,645 for Texas Instruments Inc. for its free rent period expiring January 2017; $140,167 for I&S Group for its free rent period expiring July 2018; $27,082 for Nevelex Corporation for its free rent period expiring May 2017; $22,347 for BPS Capital Management Inc. for its free rent period expiring October 2017. In addition, Consortium Health’s lease begins January 1, 2017 for which $16,078 in gap rent has been reserved. | |
With respect to Loan No. 15, Fry 529 Retail Center, the borrower was required at origination to deposit $338,154 for outstanding tenant improvements and $50,800 for free rent reserve into the Upfront Other Reserve ($). | |
With respect to Loan No. 17, PGA Financial Plaza, the borrower was required at origination to deposit $499,545 for outstanding tenant improvements into the Upfront Other Reserve ($). | |
With respect to Loan No. 21, Franklin Marketplace, the loan is structured with a free rent reserve of $100,000 for Virginia College, LLC as part of their lease renewal in August 2016. The reserve will be disbursed in equal amounts each month from October 2016 through March 2017. | |
With respect to Loan No. 23, Dick’s Sporting Goods Portfolio, the borrowers were required at origination to deposit $22,218 into the Upfront RE Tax Reserve ($) for taxes for the Dick’s Concord and PetSmart properties. The borrowers were not required to deposit any other tax reserves in regards to any other property. | |
With respect to Loan No. 27, The Riviera, the borrower was required at origination to deposit $78,375 for deferred maintenance into the Upfront Engin. Reserve ($). | |
With respect to Loan No. 30, Timbergrove Heights, the borrower was required at origination to deposit $500,000 into the Upfront Other Reserve ($) in connection with nine tenants that have not taken occupancy or commenced paying rent under their respective leases. The lender is required to release such funds when the tenants take occupancy and commence paying rent in accordance with the loan documents. | |
With respect to Loan No. 32, Southwest Business Center, the borrower was required at origination to fund an $800,000 performance reserve in the form of a letter of credit that was delivered by the borrower at loan origination. So long as no event of default is occurring, the performance reserve will be released to the borrower upon the mortgage loan achieving a debt yield on NOI (as defined in the loan documents) of at least 9.0% for the trailing six months. | |
(19) | Represents the monthly amounts required to be deposited by the borrower. The monthly collected amounts may be increased or decreased pursuant to the terms of the related loan documents. In certain cases, reserves with $0 balances are springing and are collected in the event of certain conditions being triggered in the respective mortgage loan documents. In certain other cases, all excess cash flow will be swept into reserve accounts in the event of certain conditions being trigger in the respective mortgage loan documents. |
With respect to Loan No. 1, Hilton Hawaiian Village, the borrower is required to deposit into the Monthly CapEx Reserve ($), on a monthly basis to fund the cost of replacements, an amount equal to the greater of (i) the aggregate amount of all deposits for replacements required to be deposited pursuant to any franchise or management agreement or (ii) 4.0% of gross income from operations for the two calendar months prior to the date on which the borrower is required |
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make such deposit. To the extent no event of default exists, the loan documents provide that the borrower will receive a credit against each monthly deposit on a dollar for dollar basis to the extent the borrower makes deposits into a similar reserve or if such amounts otherwise accounted for pursuant to the working capital peg balance held in either operating account. In addition, the Monthly RE Tax Reserve ($) and Monthly Ins. Reserve ($) are waived to the extent there is no cash sweep period continuing under the loan documents or to the extent the borrower reserve such funds with the manager or the manager pay such taxes and insurance premiums in accordance with the management agreement. | |
With respect to Loan No. 2, Fresno Fashion Fair Mall, the Monthly RE Tax Reserve ($), Monthly CapEx Reserve ($) and Monthly TI/LC Reserve ($) are waived provided that there is no trigger period in effect. A trigger period will commence upon the occurrence and continuance of an event of default or the occurrence of the date on which the debt service coverage ratio falls below 1.45x. Following the occurrence and during the continuance of a trigger period, the borrower is required to deposit $7,670 into the Monthly CapEx Reserve ($) for replacement reserves and $46,368 into the Monthly TI/LC Reserve ($) for tenant improvements and leasing commissions. | |
With respect to Loan No. 3, 9 West 57th Street, in the event the debt service coverage ratio falls below 2.50x, the borrowers are required to deposit approximately $420,054 ($3.00 per square foot) into the Monthly TI/LC Reserve ($), however, the borrowers will not be required to make any such deposit (i) if the balance of the reserve is equal to or greater than $25,000,000 and (ii) if (A) the debt service coverage ratio is at least 2.50x, (B) the funds in the reserve are at least $15,000,000 and (C) the mortgaged property is occupied by tenants under leases demising at least 65.0% of the rentable square footage. | |
With respect to Loan No. 4, Riverway, the borrower is required to deposit an amount equal to $895,380 into the Monthly RE Tax Reserve ($) on December 1, 2016, January 1, 2017 and February 1, 2017, and each month thereafter an amount equal to $500,000. | |
With respect to Loan No. 4, Riverway, in addition to the regular deposits of $108,640 into the Monthly TI/LC Reserve ($), following the occurrence of (a) any of the following with respect to the Largest Tenant, U.S. Foods, or the 2nd Largest Tenant, Central States Pension Fund (or their respective replacement tenants): (i) any termination or giving of notice for any termination of the related lease; (ii) the tenant going dark, vacating or ceasing operations at the related leased premises; (iii) any insolvency or bankruptcy action; or (iv) any failure to renew the related lease(s) in accordance with its terms (each, a “Tenant Trigger Event”) or (b) a withdrawal of U.S. Foods’ credit rating (unless U.S. Foods’ rating is withdrawn solely as the result of no longer having public debt necessary to enable such rating and it maintains a net worth of at least $1 billion) or downgrading of such rating below “B2” or “B” (or the equivalent) or less by each of S&P, Moody’s and Fitch (each, a “Downgrade Trigger Event”), the borrower is required to deposit all excess cash flow after debt service, required reserves and operating expenses into the Monthly TI/LC Reserve ($). If (x) a Tenant Trigger Event has occurred with respect to U.S. Foods and one or more of Central States Pension Fund or any replacement tenant or (y) if a Tenant Trigger Event and a Downgrade Trigger Event have occurred and are simultaneously continuing, the excess cash flow deposited into the Monthly TI/LC Reserve ($) is required to be allocated to the U.S. Foods subaccount in such proportion as the lender determines in its sole but reasonable discretion. The borrower is also required to deposit any contraction or termination fees into the Monthly TI/LC Reserve ($). | |
With respect to Loan No. 6, Summit Mall, the Monthly RE Tax Reserve ($) is waived until the occurrence of certain events set forth in the loan documents. The Monthly RE Tax Reserve ($) will commence upon (a) the occurrence and continuing of an event of default, (b) the date the debt service coverage ratio, based on the trailing four calendar quarters, falls below 2.00x for two consecutive calendar quarters (a “DSCR Trigger Event”), (c) the date (i) Macy’s closes, ceases |
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operation, goes dark, vacates or abandons its leased space on or prior to September 7, 2017 and (ii) the DSCR based on the trailing four calendar quarters falls below 3.00x (a “Macy’s Trigger Event”), (d) the date two or more of Macy’s, Dillards North and Dillards South close, ceases operation, go dark, vacate or abandon the space (“Anchor Trigger Event”) as permitted by the lenders and (each of (a) through (e) is a “Lockbox Event”), (e) a period when less than 70.0% of the gross leasable square footage of in-line space is subject to a lease or other occupancy agreement with the loan sponsor (“Occupancy Trigger Event”), or (f) the borrower’s failure to (i) pay all taxes prior to the assessment of any late payment penalty and the date that such taxes become delinquent or (ii) provide the lender with satisfactory evidence of the tax payment. In addition, the Monthly CapEx Reserve ($) and Monthly TI/LC Reserve ($) are waived provided that there is no Lockbox Event Period continuing. A Lockbox Event Period means the (a) the occurrence and continuance of an event of default, (b) any bankruptcy action of the borrower or any affiliated property manager (provided that the property manager is not replaced with a qualified property manager in accordance with the loan documents within 60 days), (c) the occurrence of a DSCR Trigger Event, (d) the occurrence of a Macy’s Trigger Event, (v) the occurrence of an Anchor Trigger Event or (5) the occurrence of an Occupancy Trigger Event. Following the occurrence and during the continuance of a Lockbox Event Period, the borrower is required to deposit $8,804 into the Monthly CapEx Reserve ($) for replacement reserves and $19,494 into the Monthly TI/LC Reserve ($) for tenant improvements and leasing commissions. | |
With respect to Loan No. 7, North Hills Village, on the first payment date on which the balance in the Monthly TI/LC Reserve ($) is less than $1,000,000 and on each payment date thereafter, the borrower is required to deposit $30,378 into the reserve for tenant improvements and leasing commissions. In addition, the borrower is also required to deposit into the Monthly TI/LC Reserve ($) (i) any termination fee paid by any tenant in connection with the early termination or amendment of the related lease or reduction in rent or space and (ii) after the occurrence of a tenant trigger event related to Kohl’s, Burlington Coat Factory or Supervalu, all excess cash flow after payment of debt service, required reserves and operating expenses. A tenant trigger event will exist with respect to such tenants generally if any of the tenants fails to renew its lease in accordance with the loan documents, terminates or provides notice of its intent to terminate the related lease and/or “goes dark”, vacates or abandons the related space. | |
With respect to Loan No. 8, Hotel Palomar San Diego, the Monthly CapEx Reserve ($) is waived provided that (i) no event of default has occurred and is continuing, (ii) no cash sweep period is existing and (iii) the borrower has provided satisfactory evidence that the property manager is reserving at least 4.0% of gross income from operations in an reserve account held by the property manager and provides a monthly statement confirming the existence of such reserve. | |
With respect to Loan No. 8, Hotel Palomar San Diego, during any cash sweep period triggered by a bankruptcy or insolvency action of the property manager or as the result of the debt service coverage ratio (as calculated in the loan documents) based on the trailing 12 month period falls below 1.25x, to the extent excess cash flow from the property is not sufficient to pay for debt service, required reserves and operating expenses, the lender is required to release funds in the excess cash flow reserve account to pay for such shortfall to the extent (i) there is no event of default continuing, (ii) the borrower delivers an officer’s certificate in accordance with the loan documents, and (iii) the debt service coverage ratio (as calculated in the loan documents) based on the trailing 12-month period is greater than or equal to 1.10x. To the extent that such cash sweep period continues for more than 12 consecutive months, the borrower pays for any shortfall from its own funds and not from the excess cash flow reserve account and, as a result thereof, the amount of excess cash flow actually deposited into the excess cash flow reserve account for any such 12 month period exceeds the amount of excess cash flow that would have been collected over the prior 12 month period had the borrower not paid any shortfall with its own funds (such excess is the “Seasonality Deposit”) and provided further that (i) no event of default is continuing and (ii) the borrower has delivered an officer’s certificate showing the |
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calculation and representing the amount of such shortfall paid with the borrower’s funds together with supporting documentation, the lender is required to transfer an amount equal to the Seasonality Deposit from the excess cash flow reserve account into the seasonality reserve fund, and the borrower is entitled to request such funds to pay for shortfalls in accordance with the loan documents. | |
With respect to Loan No. 11, International Plaza, the loan is structured with an Upfront TI/LC Reserve ($) of $162,980 and ongoing Monthly TI/LC Reserve ($) deposits of $40,869 until the monthly payment date occurring in November 2017. On and after the monthly payment date occurring in December 2017, the ongoing Monthly TI/LC Reserve ($) will be reduced to 29,192. The Monthly Ins. Reserve ($) is waived for so long as (i) no event of default has occurred and is continuing, (ii) the debt service coverage ratio is greater than or equal to 1.10x, (iii) the mortgaged property is insured under a blanket insurance policy approved by the lender in its reasonable discretion and (iv) the borrower provides evidence that all insurance premiums have been timely made. | |
With respect to Loan No. 18, 80 Park Plaza, a Monthly TI/LC Reserve ($) of approximately $40,029 is required if the amount in the TI/LC reserve account falls below $1,000,000 and continues until the cap of $1,000,000 is reached. Additionally, if and for so long as the sole tenant, PSEG Services Corporation is not controlled and at least 51% owned by an entity that has a senior unsecured credit rating (or the equivalent thereof) of at least (i) “BBB-” by S&P (and its equivalent or higher by each other rating agency rating the securitization), the Monthly TI/LC Reserve ($) will be increased to approximately $120,086 or (ii) “BB” by S&P (and its equivalent or higher by each other rating agency rating the securitization), the Monthly TI/LC Reserve ($) will be increased to approximately $280,201, neither of which are subject to the cap. Also, a Monthly CapEx Reserve ($) of approximately $16,012 is required if the amount in the replacement reserve account falls below $250,000 and continues until the cap of $1,000,000 is reached. | |
With respect to Loan No. 19, Walgreens Pool 3, with respect to each mortgaged property, if the lender fails to receive satisfactory evidence that the related Walgreens has not elected to terminate its lease by January 2026, the lender will begin collecting a monthly reserve equal to $4.06 per square foot annually for the related mortgaged property until such time as the borrower has delivered to the lender (i) written notice that the borrower has not received notice that the related Walgreens has exercised its termination option, which notice from the borrower is required to be delivered no earlier than 15 days after the date by which the related Walgreens is required to give notice to the borrower of its election to exercise its termination option under the related lease, and (ii) a tenant estoppel certificate executed by Walgreens. | |
With respect to Loan No. 20, Walgreens Pool 6, with respect to each mortgaged property, if the lender fails to receive satisfactory evidence that the related Walgreens has not elected to terminate its lease by January 2026, the lender will begin collecting a monthly reserve equal to $4.06 per square foot annually for the related mortgaged property until such time as the borrower has delivered to the lender (i) written notice that the borrower has not received notice that the related Walgreens has exercised its termination option, which notice from the borrower is required to be delivered no earlier than 15 days after the date by which the related Walgreens is required to give notice to the borrower of its election to exercise its termination option under the related lease, and (ii) a tenant estoppel certificate executed by Walgreens. | |
With respect to Loan No. 23, Dick’s Sporting Goods Portfolio, the deposits into the Monthly RE Tax Reserve ($) and Monthly CapEx Reserve ($) are waived to the extent (a) Dick’s Sporting Goods, PetSmart or any replacement tenant(s) is required by the terms of its lease to pay all taxes or insurance premiums, as applicable, with respect to such individual mortgaged property and (b) such tenant(s) actually pays such taxes and insurance premiums, as applicable, in full prior to the due date and provides written evidence of such payment, (c) the borrowers have |
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provided written evidence reasonably acceptable to lender that all such taxes or insurance premium, as applicable, for such individual mortgaged property have been paid in full prior to the due date, and (d) the applicable lease for such individual property is in full force and effect. The Monthly CapEx Reserve ($) is waived with respect to any individual property so long as (a) no event of default has occurred and is continuing and (b) the borrower provides the lender with evidence that Dick’s Sporting Goods, PetSmart and/or any replacement tenant(s) is obligated to perform all required replacements at such individual property in accordance with the terms of its lease. | |
With respect to Loan No. 23, Dick’s Sporting Goods Portfolio, if any individual property is released from its mortgage, then the Monthly CapEx Reserve ($) and Monthly TI/LC Reserve ($) shall be reduced per annum by an amount equal to the amount of the Monthly CapEx Reserve ($) and Monthly TI/LC Reserve ($), respectively, that was being collected by lender with respect to such individual property. | |
With respect to Loan No. 23, Dick’s Sporting Goods Portfolio, the Dick’s Wichita and Dick’s Fort Wayne mortgaged properties are excluded from the Monthly CapEx Reserve ($). | |
With respect to Loan No. 23, Dick’s Sporting Goods Portfolio, so long as there is no event of default or bankruptcy trigger, the Monthly Other Reserve ($) is subject to one-time disbursement equal to the amount of rollover reserve funds that exceed $1,000,000 on September 1, 2024. | |
With respect to Loan No. 24, Tech Ridge Office Park, an additional Monthly TI/LC Reserve ($) representing 50.0% of excess cash flow will be swept until a $333,403.54 TI/LC reserve balance is achieved. | |
With respect to Loan No. 28, HGI Kennesaw, the borrower is required to deposit into the Monthly Other Reserve ($), on May 1, 2023 and on the next 35 payment dates thereafter, an amount equal to $31,667 for replacements and repairs required under any PIP related to an extension of the existing franchise agreement or a new franchise agreement. In lieu of making monthly deposits into the reserve, the borrower may deliver a letter of credit, on or prior to May 1, 2023, in an amount equal to $1,140,012. | |
With respect to Loan No. 33, Hinesville Central, the borrower was required at origination to fund a $250,000 joint TI/LC and replacements reserve. Upon the balance in the TI/LC and replacements reserve falling below $250,000, the borrower is required to deposit $3,483 monthly into a joint TI/LC and replacements reserve. The joint TI/LC and replacements reserve is capped at $250,000. For presentation purposes, the joint TI/LC and replacements reserve is shown in the Upfront TI/LC Reserve ($) and Monthly TI/LC Reserve ($) fields. | |
With respect to Loan No. 35, Holiday Inn Express Salina, the borrower is required to deposit 1/12 of 4% of gross revenues at the mortgaged property monthly into an FF&E reserve subject to a cap of $1,585,000. Beginning on November 18, 2018 and through the date on which the borrower executes a replacement franchise agreement (or an extension of the existing franchise agreement) for a period of not less than 10 years in form satisfactory to the lender, the borrower will be required to make monthly deposits into an FF&E reserve in an amount equal to the greater of (a) 1/12 of 4% of gross revenues at the mortgaged property and (b) the quotient resulting from (i) the difference between $1,585,000 less the balance then on deposit in the related reserve divided by (ii) 36. During this time, the borrower will not have the ability to draw from or otherwise retain a release of funds on deposit in the related reserve. In lieu of the monthly deposits into an FF&E reserve during this time, the borrower will have the option to deliver to the lender on or prior to the commencement of the forgoing referenced 36-month period an “evergreen” letter of credit in the amount of $1,585,000 less the balance then on deposit in an FF&E reserve (the “LOC”). In the event that the borrower elects to deliver the LOC in lieu of making the monthly deposits into an FF&E reserve during this 36-month period, the |
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borrower will not be entitled to make any draws under the LOC or to receive reimbursements from the lender with respect to any FF&E work, any costs associated with entering into, negotiating or executing a replacement franchise agreement (or any extension of the existing franchise agreement) or any work required in connection therewith. | |
With respect to Loan No. 38, West Hills Plaza, the borrower was required at origination to fund a $330,000 joint TI/LC and replacements reserve. Upon the balance in the TI/LC and replacements reserve falling below $165,000, the borrower is required to deposit $7,903 monthly into a joint TI/LC and replacements reserve. The joint TI/LC and replacements reserve is capped at $165,000. For presentation purposes, the joint TI/LC and replacements reserve is shown in the Upfront TI/LC Reserve ($) and Monthly TI/LC Reserve ($) fields. | |
(20) | Represents a cap on the amount required to be deposited by the borrower pursuant to the related mortgage loan documents. In certain cases, during the term of the mortgage loan, the caps may be altered or terminated subject to conditions of the respective mortgage loan documents. |
With respect to Loan No. 8, Hotel Palomar San Diego, the seasonal working capital reserve the borrower is required to deposit into the Monthly Other Reserve ($) will be capped at the amount of $3.0 million. | |
With respect to Loan No. 18, 80 Park Plaza, TI/LC Reserve Cap ($) is $1,000,000. The loan documents provide for the TI/LC Reserve Cap ($) to be suspended if and for so long as PSEG Services Corporation is not controlled and at least 51% owned by an entity that has a senior unsecured credit rating of at least “BBB-” by S&P (and its equivalent or higher rating by each other rating agency rating the securitization). | |
With respect to Loan No. 23, Dick’s Sporting Goods Portfolio, if, on August 31, 2024, (i) no event of default or any bankruptcy action with respect to the borrower exists and (ii) amounts on deposit in the Monthly TI/LC Reserve ($) exceed $1,000,000 (the “August 2024 Rollover Reserve Cap”), then the lender is required to make a one-time disbursement equal to the amount then in the Monthly TI/LC Reserve ($) that exceeds the August 2024 Rollover Reserve Cap to an account designated by the borrower on the next monthly debt service payment date. | |
(21) | With respect to the footnotes hereto, no footnotes have been provided with respect to tenants that are not among the five largest tenants by square footage for any Mortgaged Property. |
(22) | In certain cases, the data for tenants occupying multiple spaces includes square footage only from the primary spaces sharing the same expiration date, and may not include smaller spaces with different expiration dates. |
With respect to Loan No. 22, Salesforce Tower, the 2nd Largest Tenant, JPMorgan Chase Bank, National Association, consists of 85,783 square feet expiring in June 2020 and 116,522 square feet expiring in June 2025. | |
(23) | The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease with respect to all or a portion of its leased space prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the subject lease. |
With respect to Loan No. 2, Fresno Fashion Fair Mall, the Largest Tenant, JCPenney, has the right to purchase its leased parcel under the related lease if the tenant determines that the lease has become “uneconomical” in accordance with the lease. The borrower may nullify this purchase option and the loan agreement requires that the borrower reject any offer to purchase |
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the leased parcel. However, the lease provides that if the borrower rejects the offer to purchase, the lease will be terminated. | |
With respect to Loan No. 2, Fresno Fashion Fair Mall, the lease for the 2nd Largest Tenant, Victoria’s Secret, contains a co-tenancy clause that requires (i) more than three “Major Tenants” (as defined in the lease) to be open for business or (ii) 70% of other stores having storefronts or entrances on the enclosed mall excluding any “Major Tenants” (each of the foregoing (i) and (ii), the “VS Co-Tenancy Requirement”) are open for business for reasons other than temporary permitted closures in accordance with the lease agreement. If the VS Co-Tenancy Requirement is breached (A) for 180 consecutive days, after such period, the tenant may pay a reduced rent of 5% of gross sales and (B) for 365 consecutive days, after such period, the tenant may terminate the lease with notice prior to the later of (i) 395 consecutive days from date the tenant was entitled to commence payment of the alternative rent, or (ii) 60 days following the date of the tenant’s notice that it is beginning the payment of alternative rent. If the tenant does not provide notice of termination as provided in the preceding sentence, the tenant is required to resume paying full rent. In addition, the lease for the 5th Largest Tenant, Anthropologie, contains a co-tenancy clause that requires (i) three or more tenants of 90,000 square feet or more to be operating or (ii) more than 65% of the total square footage of the mall (excluding the leased premises) is occupied by tenants operating (each of the foregoing (i) and (ii), the “Anthropologie Co-Tenancy Requirement”). If the Anthropologie Co-Tenancy Requirement is breached (A) for six months or more, the tenant may pay a reduced rent of 6% of gross sales, and (B) for 365 consecutive days, after such period, the tenant may terminate the lease with 60 days notice following such 365 day period. If the tenant does not provide notice of termination as provided in the preceding sentence, the tenant is required to resume paying full rent. | |
With respect to Loan No. 3, 9 West 57th Street, the borrowers have a space lease with Solow Management Corp. which is an affiliate of the borrowers and sponsor. The 5th Largest Tenant, Providence Equity LLC, is subleasing 18,345 square feet to its affiliate, Benefit Street Partners (which is also an affiliate of BSP). Benefit Street Partners has the right to terminate its sublease in September 2022, with at least 12 months’ notice and the payment of a termination fee. | |
With respect to Loan No. 4, Riverway, the 3rd Largest Tenant, Culligan International Company, has the right to terminate its lease as of December 31, 2019 with nine months’ notice and the payment of a termination fee equal to the sum of $664,816. | |
With respect to Loan No. 4, Riverway, the 2nd Largest Tenant, Central States Pension Fund, the borrower sponsor has indicated that the tenant may be facing solvency issues in the future. According to the sponsor, as of December 31, 2015, the total number of participants and beneficiaries covered by the pension plan was 397,492. Of that number, 64,527 were current employees and the remaining members were either retired and receiving benefits or retired with a right to future benefits. In May 2016, the US Department of the Treasury rejected a plan put forth by the tenant to partially reduce the pensions of 115,000 retirees and the future benefits of 155,000 current workers. According to the loan sponsor, it is anticipated that without federal assistance, the pension fund will become insolvent by the end of 2025. | |
With respect to Loan No. 6, Summit Mall, the 3rd Largest Tenant, Gap, the 4th Largest Tenant, Express, and the 5th Largest Tenant, Versona Accessories, among other tenants, each have the right to reduce their rent and/or terminate their lease if occupancy levels decrease below certain thresholds according to their individual co-tenancy clauses. In addition, Versona Accessories has the right to terminate its lease if its adjusted gross sales (as defined in the lease) do not exceed $2,000,000 during the sixth lease year (November 1, 2017 through October 31, 2018), with 90 days’ notice and the payment of a termination fee of $400,000. | |
With respect to Loan No. 7, North Hills Village, the 2nd Largest Tenant, Burlington Coat Factory, has the right to terminate its lease, with 365 days’ notice and the delivery of a guaranty from |
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Burlington Coat Factory Warehouse Corporation. for one year’s worth of base rent, percentage rent and the tenant’s share of taxes and operating expenses. In addition, Burlington Coat Factory, among other tenants, has the right to reduce its rent and/or terminate its lease if occupancy levels decrease below certain thresholds according to co-tenancy clauses contained in the applicable lease(s). | |
With respect to Loan No. 11, International Plaza, the Largest Tenant, Newscycle Solutions, Inc., has a contraction option to reduce the size of its seventh floor space (8,699 square feet) effective July 14, 2019. The 2nd Largest Tenant, Cisco Systems, has a contraction option to reduce the size of its space by no more than 3,000 square feet, effective June 30, 2018. The 3rd Largest Tenant, OffiCenters, has a one-time right to terminate its lease as of January 31, 2021, with 12 months’ written notice and the payment of a termination fee. | |
With respect to Loan No. 12, Everett Plaza, the 2nd Largest Tenant, Petco, may terminate its lease with 30 days written notice to the landlord if 50.0% or more of the net rentable area remains vacant for a continuous period of one year. In addition, in the event that the retail tenants at the property are not operating for business in a minimum of 50.0% of the property’s net rentable area for a period exceeding 90 consecutive days, the tenant has the option to reduce its then minimum monthly rent by 50.0% for the entire period of such event. The 3rd Largest Tenant, Pier 1 Imports, may terminate its lease if (i) the net rentable area of the property is less than 60.0% occupied or (ii) any tenant occupying more than 20.0% of the net rentable discontinues its operations at the property and a similar tenant does not replace it within a period of 12 months. The tenant is required to exercise this right within a period of 60 days following the 12-month period by giving 60 days written notice to the landlord. | |
With respect to Loan No. 16, Arroyo South Office, the 3rd Largest Tenant, Pulte Homes, has the one-time right to terminate its lease effective September 30, 2020 with seven months’ notice and payment of a termination fee. | |
With respect to Loan No. 17, PGA Financial Plaza, the 3rd Largest Tenant, Raymond James & Associates, Inc., has the right to terminate its lease as of March 31, 2021 with 12 months’ notice and the payment of a termination fee equal to the sum of $349,335 and any paid, but unearned real estate commissions paid (as defined in the lease). In addition, the 3rd Largest Tenant subleases 2,571 square feet of its total space from Lost Tree Preserve under a sublease that expires on March 31, 2017. | |
With respect to Loan No. 19, Walgreens Portfolio 3, the sole tenant at each mortgaged property, Walgreens, has a one-time right to terminate its lease on January 31, 2027, and every five years thereafter for the rest of the lease term. The tenant must provide notice of its intent to terminate at least six months prior to each respective termination date. | |
With respect to Loan No. 20, Walgreens Portfolio 6, the sole tenant at each mortgaged property, Walgreens, has a one-time right to terminate its lease on January 31, 2027, and every five years thereafter for the rest of the lease term. The tenant must provide notice of its intent to terminate at least six months prior to each respective termination date. | |
With respect to Loan No. 22, Salesforce Tower, the Largest Tenant, Salesforce, if the borrower fails to deliver possession to Salesforce of any portion of the 21st or 23rd floors by February 1, 2017, then the tenant has the right to terminate its lease solely with respect to such portions of the 21st and/or the 23rd floor, with written notice at any time prior to the date that such portion is actually delivered to the tenant. If the borrower fails to deliver possession of any portion of the 22nd floor by March 1, 2017, then the tenant has the right to terminate its lease solely with respect to such portion of the 22nd floor, with written notice at any time prior to the date that such portion is actually delivered to the tenant. The 2nd Largest Tenant, JPMorgan Chase Bank, National Association, is subleasing approximately 19,214 square feet to KPMG, 15,231 square |
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feet to Thomas Caterers of Distinction, Inc., 13,335 square feet to Central Indiana Corporate Partnership, Inc., 12,175 square feet to the Greater Indianapolis Chamber of Commerce, Inc. and 6,614 square feet to Indianapolis Downtown, Inc. The 3rd Largest Tenant, Bose McKinney & Evans, LLP, is subleasing approximately 12,527 square feet to Caldwell Vanriper, LLC. In addition, the 4th Largest Tenant, Ernst & Young U.S. LLP, has the right to terminate its lease as of September 30, 2020 with 12 months’ notice and the payment of a termination fee. | |
With respect to Loan No. 23, Dick’s Sporting Goods Portfolio, the sole tenants at the Dick’s Concord, Dick’s Bloomingdale and PetSmart Concord mortgaged properties, Dick’s Sporting Goods, Dick’s Sporting Goods and PetSmart, respectively, have the right to reduce their rent and/or terminate their leases if the individual co-tenancy provisions in their related leases are breached or violated. | |
With respect to Loan No. 26, Market at Hilliard, the Largest Tenant, Michaels, has the option to pay the lesser of (i) 2% of gross sales and (ii) basic rent (as further described in the related lease) if less than 60% of the gross leasable area is open for business at the mortgaged property. If the related co-tenancy provision continues for 18 months, Michaels may terminate its lease. The 2nd Largest Tenant, Bed Bath & Beyond, has the option to pay reduced rent equal to 3% of gross sale if (i) the non-collateral Giant Eagle and (ii) either the non-collateral Kohl’s or Target are not open for business. If the related co-tenancy provisions continue for 365 days, Bed Bath & Beyond may terminate its lease. The 3rd Largest Tenant, OfficeMax, has the option to pay the lesser of (i) 3% of gross sales and (ii) basic rent, as further described in the related lease, if less two major tenants (as further described in the related lease) are open for business at the mortgaged property. If the related co-tenancy provisions continue for one year, OfficeMax may terminate its lease. The 4th Largest Tenant, Old Navy, has the option to pay 50% of the basic rent for the first three months of the operating requirements failure (as further described in the related lease) and 25% of basic rent thereafter if an operating requirement failure occurs for a continuous period of six months. If the related co-tenancy provision continues for 12 months, Old Navy may terminate its lease. The 5th Largest Tenant, Famous Footwear, has the option to pay 6% of gross sales in lieu of basic rent if two anchor tenants, such as Old Navy, Michaels and Bed Bath & Beyond, are not open for business. If the related co-tenancy provision continues for 12 months, Famous Footwear may terminate its lease. | |
With respect to Loan No. 29, Buckhorn Plaza, the Largest Tenant, Marshalls, has the option to pay reduced rent if (i) the non-collateral Walmart is not open for business, (ii) the non-collateral Lowe’s is not open for business and (iii) less than 70% of the remaining gross leasable area at the mortgaged property is open for business. | |
With respect to Loan No. 33, Hinesville Central, the Largest Tenant, Hibbett Sporting Goods, has the right to terminate its lease if gross sales do not exceed $2,000,000 during the period between August 1, 2019 and July 31, 2020. Additionally, Hibbett Sporting Goods has the option to pay reduced rent equal to 2% of gross sales if the non-collateral Walmart Supercenter is not open for business. If the non-collateral Walmart Supercenter remains closed for 12 months, Hibbett Sporting Goods has the right to terminate its lease or begin paying full rent due. If 50% of the gross leasable area at the mortgaged property is not open for business, Hibbett Sporting Goods has the right to terminate its lease. The 2nd Largest Tenant, Shoe Show, has the right to pay reduced rent equal to 50% of minimum rent due if the non-collateral Walmart Supercenter vacates its premises and has the right to terminate its lease or return to paying full rent due if such co-tenancy condition is not cured within six months. The 5th Largest Tenant, GameStop, has the right to pay 50% of minimum rent due if the non-collateral Walmart Supercenter vacates and is not replaced by a comparable anchor tenant and has the right to terminate its lease if such co-tenancy condition is not cured within 12 months. |
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With respect to Loan No. 34, Presidents Industrial, the 5th Largest Tenant, Wartsila Funa International, Inc., has the option to terminate its lease effective April 1, 2019, April 1, 2020 and April 1, 2021 with six months’ notice and payment of a termination fee. | |
With respect to Loan No. 38, West Hills Plaza, the 5th Largest Tenant, Shoe Show, has the option to pay reduced rent equal to 5% of gross sales if less than 60% of the leasable space at the mortgaged property is open for business. If the related co-tenancy provision continues for 60 days, Shoe Show has the right to terminate its lease. | |
(24) | In certain cases, the Principal / Carveout Guarantor name was shortened for spacing purposes. |
With respect to Loan No. 1, Hilton Hawaiian Village, the aggregate liability of the Principal / Carveout Guarantor with respect to all full recourse carveouts in the loan documents may not exceed an amount equal to 10% of the principal balance of the Hilton Hawaiian Village Whole Loan outstanding at the time of the occurrence of such event, plus any and all reasonable third-party collection costs actually incurred by the lender (including reasonable attorneys’ fees and costs reasonably incurred). In addition, the Principal / Carveout Guarantor is not a party to the environmental indemnity, and the borrowers are the sole parties liable for any breaches or violations of the indemnity. In lieu of the Principal / Carveout Guarantor signing the indemnity, the borrowers were required to obtain an environmental insurance policy in accordance with the loan documents. | |
With respect to Loan No. 5, Moffett Gateway, the borrower is permitted to obtain the release of Joseph K. Paul and Jay Paul Revocable Living Trust Dated November 9, 1999, as Amended and Restated on March 19, 2010, on certain terms and conditions in the loan documents, which include, without limitation (i) no event of default has occurred and is then continuing, (ii) such release is permitted by then applicable REMIC requirements and (iii) Paul Guarantor LLC has a net worth of not less than $300,000,000 and liquidity of not less than $20,000,000. | |
With respect to Loan No. 6, Summit Mall, the obligations and liabilities of the Principal / Carveout Guarantor is capped at $17,000,000 under the non-recourse carveout guaranty, plus all reasonable out-of-pocket costs and expenses (including court costs and reasonable attorneys’ fees) incurred by the lender in the enforcement of the guaranty or the preservations of the lender’s rights under the guaranty. | |
With respect to Loan No. 7, North Hills Village, the Principal / Carveout Guarantor is not a party to the environmental indemnity. J.J. Gumberg Co. has signed the environmental indemnity in addition to the related borrower. In addition, the borrower was required to obtain environmental insurance in accordance with the loan documents. | |
(25) | The classification of the lockbox types is described in the preliminary prospectus. See “Description of the Mortgage Pool – Lockbox Accounts” for further details. |
With respect to Loan Nos. 13 and 23, Bilmar Beach Resort and Dick’s Sporting Goods Portfolio, the related borrowers may prevent or cure an excess cash sweep trigger caused by a low debt service coverage ratio by providing a letter of credit in an amount that, if used to reduce the outstanding principal amount of the loan, would otherwise prevent or cure such trigger. | |
(26) | With respect to Loan No. 9, Redwood MHC Portfolio, the Redwood MHC Portfolio Whole Loan will be serviced under the JPMCC 2016-JP4 Pooling and Servicing Agreement until such time that the controlling pari passu companion loan is securitized, at which point the Redwood MHC Portfolio Whole Loan will be serviced under the related pooling and servicing agreement. The initial controlling noteholder is LCF, or an affiliate, as holder of the related controlling pari passu companion loan. |
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(27) | Refers to (a) debt secured by the mortgaged property, (b) mezzanine debt and (c) preferred equity. See “Description of the Mortgage Pool—Additional Debt—Mezzanine Indebtedness,” “—Future Mezzanine Debt” and “—Preferred Equity” and “Certain Legal Aspects of the Mortgage Loans” in the preliminary prospectus for information related to mortgage loans with subordinate, mezzanine or other additional debt or preferred equity that permit subordinate, mezzanine or other additional debt in the future. |
With respect to Loan No. 2, Fresno Fashion Fair Mall, the loan documents permit the borrower to enter into a Property Assessed Clean Energy (PACE) loan that is repaid through multi-year assessments against the property in an amount not to exceed $10,000,000, subject to the lender’s consent (which may not be unreasonably withheld, conditioned or delayed) and delivery of a rating agency confirmation. The borrower may also incur personal property purchase money financing and leases up to an aggregate amount of not greater than $2,000,000 (except for equipment leases associated with sustainability and environmental initiatives provided the same do not, in and of themselves, secure an aggregate amount in excess of $5,000,000). See “Description of the Mortgage Pool—Additional Debt—Other Secured Indebtedness” in the preliminary prospectus for additional information. | |
With respect to Loan No. 6, Summit Mall, the loan documents permit the borrower to enter into a Property Assessed Clean Energy (PACE) loan that is repaid through multi-year assessments against the property in an amount not to exceed $5,000,000, subject to the lender’s consent (which may not be unreasonably withheld, conditioned or delayed) and delivery of a rating agency confirmation. |
A-1-33 |